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IFCZF Jun 20, 2012 (Al Bawaba Business via COMTEX) -- A.M. Best Co. has assigned a debt rating of a- to the recently issued CAD $200 million 5.16% senior unsecured medium-term notes due June 16, 2042 of Intact Financial Corporation (IFC) (Toronto, Ontario). The outlook assigned to the rating is stable. As announced by IFC, it intends to use the net proceeds from the notes to reduce its current outstanding term loan indebtedness under its existing credit facility and fund a portion of the purchase price for its previously announced acquisition of all of the issued and outstanding shares of JEVCO Insurance Company from The Westaim Corporation (Westaim). This acquisition is expected to close in the fall of 2012, pending insurance regulatory approvals, approval by the shareholders of Westaim and the satisfaction of certain closing conditions. The notes are not conditional upon closing of the acquisition of JEVCO Insurance Company. As such, if the acquisition is not completed, the net proceeds from the notes will be used to repay the outstanding term loan indebtedness under IFC s existing credit facility and for general corporate purposes.