The counterparty credit rating on The Travelers Cos. Inc. (Travelers; NYSE:TRV) is based on the group's very strong market position, strong operating performance, very strong operating company capitalization, and conservative financial leverage and coverage ratios. Partially offsetting these strengths is the possibility of some further adverse development of reserves associated with the pre-merger liabilities of the St. Paul Fire&Marine Group and the company's large exposure to asbestos claims. Travelers issued $1 billion of junior subordinated debentures in March 2007 and $1.5 billion of senior notes in May. Most of the proceeds were used to repay nearly $2.0 billion of existing debt. Total debt and hybrid securities outstanding rose to $6.24 billion as of Sept. 30, 2007, from $5.76
