The Travelers Cos. Inc. Senior Debt Rated 'A'

HIGHTSTOWN (S&P Global Ratings) Feb. 27, 2019--S&P Global Ratings said today that it assigned its 'A' senior debt rating to The Travelers Cos. Inc.'s (NYSE:TRV) proposed $500 million 30-year senior debt issuance. Travelers intends to use the proceeds from this offering to retire $500 million of 5.90% senior notes maturing on June 2, 2019, so we expect no material change in financial leverage or fixed-charge coverage metrics. We view the group's financial flexibility as strong, and expect financial leverage of about 20% and fixed-charge coverage around 11x in 2019, assuming normalized catastrophe losses contributing around four percentage points to the company's loss ratio. RELATED CRITERIA General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017 General Criteria:

...HIGHTSTOWN (S&P Global Ratings) Feb. 27, 2019--S&P Global Ratings said today that it assigned its 'A' senior debt rating to The Travelers Cos. Inc.'s (NYSE:TRV) proposed $500 million 30-year senior debt issuance. Travelers intends to use the proceeds from this offering to retire $500 million of 5.90% senior notes maturing on June 2, 2019, so we expect no material change in financial leverage or fixed-charge coverage metrics. We view the group's financial flexibility as strong, and expect financial leverage of about 20% and fixed-charge coverage around 11x in 2019, assuming normalized catastrophe losses contributing around four percentage points to the company's loss ratio. RELATED CRITERIA + General Criteria: Methodology For Linking Long-Term And Short-Term Ratings , April 7, 2017 + General Criteria: Guarantee Criteria, Oct. 21, 2016 + General Criteria: Group Rating Methodology, Nov. 19, 2013 + Criteria - Insurance - General: Enterprise Risk Management, May 7, 2013 + Criteria - Insurance...

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