Fitch assigns BB+ to Voya notes

Fitch Ratings said it assigned a BB+ rating to Voya Financial Inc.'s $350 million of new junior subordinated notes.

Existing ratings assigned to Voya and its affiliates are unaffected.

The rating is equivalent to the ratings assigned to Voya's existing junior subordinated notes.

Fitch said the notes are rated three notches below Voya's long-term issuer default rating, reflecting two notches for the baseline recovery assumption of “poor” and one additional notch reflecting the “minimal” non-performance risk assessment. The notes include an interest deferral feature at the option of the issuer for up to five years.

Based on the agency’s rating criteria, this hybrid debt issuance was not assigned any equity credit, similar to the existing junior subordinated notes.

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