Fitch Ratings has affirmed Loews Corporation´s (Loews) (NYSE: L) debt ratings following the company´s announcement that it has agreed to purchase $1.25 billion of a new series of non-voting cumulative senior preferred stock from CNA. In addition, Loews Board of Directors has approved a commitment to purchase up to $1.0 billion of equity securities from its Boardwalk Pipeline subsidiary as the company continues to fund the remaining costs to complete its pipeline expansion projects. Fitch rates Loews´ debt as follows: --Issuer Default Rating (IDR) ´A´; --Senior unsecured notes ´A´. The Rating Outlook is Stable. Approximately $865 million of debt is impacted by this rating action. Upon the announcement of the investment in CNA by Loews, Fitch affirmed the ´BBB+´ issuer default rating (IDR) and ´BBB´ senior debt ratings of CNA...
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