OREANDA-NEWS. February 26, 2016. Fitch Ratings has assigned a 'BBB' rating to CNA Financial Corporation's (CNA) new \\$400 million senior unsecured debt issue. CNA's other ratings are unaffected by this event. A full list of ratings follows at the end of this release.

KEY RATING DRIVERS
The new issuance is to redeem the \\$350 million of senior debt coming due in August 2016 and for general corporate purposes. The incremental new debt raises financial leverage from 18.4% at year-end 2015 to 18.7%, which is below any negative rating triggers for financial leverage. The newly issued 10-year notes rank pari passu with the issuer's other senior unsecured obligations.

Fitch recently a press release on Feb. 16, 2016 affirming all of CNA's ratings. Please refer to that press release, available at www.fitchratings.com, for further rationale on CNA's ratings.

RATING SENSITIVITIES
Key rating triggers that could lead to an upgrade include:

--Strong operating performance with an ROE of 9% and a sustained GAAP calendar year combined ratio for the ongoing property/casualty business of approximately 100% or better;
--Improved view of reserve adequacy;
--Achieving a Prism score of 'Very Strong' or higher for several consecutive years and debt-to-total capital maintained below 25%.

Key rating triggers that could lead to a downgrade include:

--Decline in ROE below 6% and sustained combined ratio of 105% or worse;
--Adverse GAAP reserve development in excess of 5% of prior year's equity;
--Achieving a Prism score of 'Adequate' or below or debt-to-total capital maintained above 30%.

FULL LIST OF RATING ACTIONS

Fitch has assigned a 'BBB' rating to the following:

CNA Financial Corporation
--\\$400 million 4.5% due Mar. 1, 2026.

Fitch has taken no rating action on the following ratings:

CNA Financial Corporation
--IDR at 'BBB+';
--\\$350 million 6.5% due Aug. 15, 2016 'BBB';
--\\$150 million 6.95% due Jan. 15, 2018 'BBB';
--\\$350 million 7.35% due Nov. 15, 2019 'BBB';
--\\$500 million 5.875% due Aug. 15, 2020 'BBB';
--\\$400 million 5.75% due Aug. 15, 2021 'BBB';
--\\$243 million 7.25% due Nov. 15, 2023 'BBB';
--\\$550 million 3.95% due May 15, 2024 'BBB'.
--Outlook Stable.

Continental Casualty Company Group
Members:

American Casualty Company of Reading, Pennsylvania
Columbia Casualty Company
Continental Casualty Company
The Continental Insurance Company
The Continental Insurance Company of New Jersey
National Fire Insurance Company of Hartford
Surety Bonding Company of America
Transportation Insurance Company
Universal Surety of America
Valley Forge Insurance Company
Western Surety Company
--Insurer Financial Strength 'A';
--Outlook Stable.