Best’s News & Research Service - May 12, 2020 05:00 PM (EDT)
AM Best Assigns Issue Credit Rating to Sun Life Financial Inc.’s Subordinated Debentures
- May 12, 2020 05:00 PM (EDT)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the CAD 1.0 billion 2.58% fixed-to-floating rate Series 2020-1 subordinated debentures due May 10, 2032, recently issued by Sun Life Financial Inc. (SLF) (Ontario, Canada) [NYSE: SLF]. The outlook assigned to this Credit Rating (rating) is stable.
The debentures are unsecured and subordinated of SLF and will be ranked equally and rateably with all other subordinated unsecured indebtedness of SLF. The net proceeds will be used for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness. The funding will be capital qualifying under Canada’s Office of Superintendent of Financial Institutions (OSFI) guidelines.
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AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.