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FOR IMMEDIATE RELEASE
OLDWICK - SEPTEMBER 25, 2015 11:35 AM (EDT)
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.