AM Best has assigned a Long-Term Issue Credit Rating of “bbb” (Good) to the recently issued CAD 250 million, 6.133% fixed rate subordinated notes, due 2086, of Intact Financial Corporation (IFC) (TSX:IFC) (Toronto, Ontario, Canada). The outlook assigned to the Credit Rating (rating) is stable.
The net proceeds of the notes offering are being utilized for general corporate purposes and to repay all or a portion of IFC’s debt borrowings. Intact completed the redemption of its Series 3 Preferred Shares on Sept. 30, 2026. Intact’s adjusted and unadjusted financial leverage continues to improve through the second quarter of 2026. Inclusive of the new subordinated note offering, as well as the redemption of the aforementioned preferred shares, there is no impact to the corporation’s financial leverage assessment. At second-quarter 2026, IFC’s adjusted financial leverage is 18.5% compared with 19.2% at year-end 2025. Management’s long-term target debt to capital remains at 20%.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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