Moody’s Investors Service has assigned Baa1 ratings to two issues of chief apart debt of SAFECO Corporation and has affirmed the company’s ratings with a abiding outlook.
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Moody’s assigned its Baa1 appraisement to SAFECO Corp.’s arising of $200 actor 4.20 percent 5-year chief addendum and $300 actor 4.875% 7-year chief notes. Moody’s acclaimed that it expects SAFECO will use the gain from the chief debt alms to accord $300 actor of medium-term addendum due March 15, 2003, and to alarm up to $200 actor of medium-term addendum crumbling in April 2005.
Moody’s remarked that the arising represented a draw bottomward on SAFECO’s afresh replenished accepted shelf filing, of which $275 actor charcoal afterwards the draw down. The appraisement bureau acclaimed that SAFECO’s best contempo accepted shelf filing adequate shelf accommodation activated during 2002. In Aug. 2002, SAFECO issued $375 actor of 10-year chief notes, application the gain to accord its bartering cardboard borrowings and added medium-term notes. Then, in Nov. 2002, SAFECO aloft $329 actor through the arising of 10.5 actor new accepted shares, accidental $250 actor into its allowance operations to abutment growth.
Moody’s explained that the appraisement affirmation and abiding angle reflect the appraisement agency’s appearance that SAFECO’s accomplishments back 2001 – to focus on its amount strengths and to re-underwrite its property-casualty business – should abide to advance operating results. This is counterbalanced by SAFECO’s banking advantage position, which will constrain amoebic basic advance in the short-term.
The afterward ratings accept been affirmed with a abiding outlook:
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SAFECO Corporation – chief apart debt at Baa1, -to-be chief apart debt at (P)Baa1, -to-be subordinated debt at (P)Baa2, -to-be adopted banal at (P)Baa3;
SAFECO Basic Trust I – basic balance at Baa2;
American Economy Allowance Co. – allowance banking backbone at A1;
American States Allowance Co. – allowance banking backbone at A1;
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American States Adopted Allowance Co. – allowance banking backbone at A1;
First National Allowance Co. of America – allowance banking backbone at A1;
General Allowance Co. of America – allowance banking backbone at A1;
Safeco Allowance Co. of America – allowance banking backbone at A1;
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Safeco Allowance Co. of Illinois – allowance banking backbone at A1;
Safeco National Allowance Co. – allowance banking backbone at A1;
Safeco Life Allowance Co. – allowance banking backbone at A1.
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