AM Best has assigned a Long-Term Issue Credit Rating of bbb (Good) to Mercury General Corporation's recently issued $525 million 6.25% senior unsecured notes due June 2036, with a stable outlook. Mercury General intends to use the proceeds to repay its outstanding senior unsecured notes due March 2027 and to repay amounts under its unsecured credit facility. AM Best notes that financial leverage is expected to remain in line with current rating guidelines.
Mercury General CorporationAM Best assigned a bbb rating to Mercury General's new $525M senior notes, with stable outlook, and the company will use proceeds to refinance existing debt, improving financial flexibility.