TMCnet News
A.M. Best Assigns Issue Credit Rating to Voya Financial Inc.'s New Junior Subordinated NotesA.M. Best has assigned a Long-Term Issue Credit Rating of "bbb-" to the $350 million 4.70% fixed-to-floating rate junior subordinated notes due 2048 that were recently issued by Voya Financial Inc. (Voya) (headquartered in New York, NY) [NYSE: VOYA]. The Credit Rating (rating) has been placed under review with developing implications. The existing ratings of Voya and its subsidiaries, which were placed under review with developing implications on Dec. 21, 2017, remain unchanged. The majority of the new notes are expected to be used to repay at maturity the company's 2.9% senior notes due in February 2018. The senior note had a balance of $336.6 million as of Sept. 30, 2017. A.M. Best anticipates that Voya's adjusted financial leverage ratio will increase to approximately 21% until the net proceeds are used to repay outstanding notes and debentures. Despite the modest increase in leverage, A.M. Best notes that the company's financial leverage and interest coverage ratios remain well within A.M. Best's guidelines for the current ratings. 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. A.M. Best is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180123006182/en/ |
