Press Release - MAY 10, 2018

A.M. Best Assigns Issue Credit Rating to Manulife Financial Corporation’s Subordinated Debentures Offering


CONTACTS:
 Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5715
anthony.mcswieney@ambest.com

Rosemarie Mirabella
Director
+1 908 439 2200, ext. 5892
rosemarie.mirabella@ambest.com

Christopher Sharkey
Manager, Public Relations
(908) 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
(908) 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

OLDWICK - MAY 10, 2018
A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” to the recently issued CAD 600 million Fixed/Floating 3.317% Subordinated Debentures due May 9, 2028, of Manulife Financial Corporation (MFC) (Toronto, Canada). The outlook assigned to the Credit Rating (rating) is stable.

The proceeds from the offering will be utilized to finance or refinance, in part or in full, new and/or existing Eligible Assets, as defined in Manulife’s Green Bond Framework. Manulife may redeem the debentures, in whole or part, on or after May 9, 2023, at a redemption price equal to par, together with accrued and unpaid interest. Thereafter, the coupon rate will be reset at a rate equal to the three-month CDOR plus 78 bps. Despite the new issuance, MFC’s financial leverage remains within the range that supports the company’s current Long-Term IRs.

This press release relates to Credit Ratings 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 see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

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AMB# Company Name
066866 Manulife Financial Corporation