On March 5, 2007, Standard&Poor's Ratings Services assigned its 'BBB' rating to Travelers Cos. Inc.'s (NYSE:TRV; Travelers) $1 billion junior subordinated debentures maturing in 2067. The debentures are expected to qualify for equity treatment under Standard&Poor's criteria for hybrid securities, based on a review of preliminary documentation. The company intends to use the net proceeds from this issue primarily to repay existing debt, including $893 million of 4.50% convertible junior subordinated notes due in 2032 but redeemable at the company's option beginning April 18, 2007. The assigned rating is based on the counterparty credit rating on Travelers, which is based on the company's very strong market position, strong operating performance, very strong operating company capitalization, and
