Moody's Investors Service has assigned an A2 rating to the senior notes recently issued by the Minnesota-based St Paul Companies.
The proceeds from the notes - which will mature in March 2007 - will be used mainly to replace outstanding short-term borrowings.
The insurance financial strength ratings for St Paul Fire and Marine and its rated affiliates were affirmed at Aa3 last week. The company's A2 senior unsecured debt rating, its A3 subordinated debt rating and its Prime-1 commercial paper rating were also affirmed.
Provisional ratings on its shelf filings were affirmed at (P)A2, (P)A3, (P)Baa1 for senior unsecured, subordinated and preferred stock respectively.
