A.M. Best Assigns Rating to Sun Life Financial Inc.'s New Subordinated Debentures
September 25 2015 - 12:04PM
Business Wire
A.M. Best has assigned an issue rating of “bbb+” to the
recently issued CAD 500 million 2.6% of Series 2015-1 subordinated
unsecured fixed/floating debentures due 2025 issued by Sun Life
Financial Inc. (SLF) (Ontario, Canada) [NYSE: SLF]. The outlook
assigned to the rating is stable.
A.M. Best expects SLF to utilize the net proceeds from the
debentures to fund, in part, the previously announced intent to
acquire Assurant Inc.’s. employee benefit business at a cost
of USD $975 million and for general corporate purposes. The
additional leverage and interest coverage remains within A.M.
Best’s guidelines for the rating.
The ratings of SLF and its subsidiaries were affirmed with a
stable outlook on July 9, 2015 (For further details, please see the
press release.)
This press release relates to rating(s) that have been
published on A.M. 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 visit A.M.
Best’s Ratings & Criteria Center.
A.M. Best Company is the world's oldest and most
authoritative insurance rating and information source. For more
information, visit www.ambest.com.
Copyright © 2015 by A.M. Best Company,
Inc. ALL RIGHTS RESERVED.
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version on businesswire.com: http://www.businesswire.com/news/home/20150925005599/en/
A.M. BestRichard McMillanManaging Senior
Financial Analyst908-439-2200, ext.
5615richard.mcmillan@ambest.comorKen Johnson, CFA,
CAIA, FRMVice President908-439-2200, ext.
5056ken.johnson@ambest.comorChristopher
SharkeyManager, Public Relations908-439-2200, ext.
5159christopher.sharkey@ambest.comorJim
PeavyAssistant Vice President, Public Relations908-
439-2200, ext. 5644james.peavy@ambest.com
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