Moody's Investors Service has assigned an A2 rating to junior subordinated debt to be issued by Travelers Property Casualty Corp.
The debt issuance is being made in conjunction with the company's initial public offering and spin-off from its parent Citigroup.
Proceeds from the debt issuance and public offering are expected to be used to pay intercompany debt to Citigroup.
Moody's said it "expects financial leverage to increase modestly following this, yet to remain in a range reasonable for the current ratings."
The outlook for the ratings of Travelers Property Casualty Corp and its subsidiaries is stable.
