S&P rates Ohio National debt BBB-

S&P said it assigned its BBB- rating on Ohio National Financial Services Inc.'s proposed senior unsecured debt. These notes will be senior unsecured obligations of Ohio National Financial Services and will rank equal in right of payment with all its senior debt obligations. They will, however, be subordinated to policyholder and surplus note obligations of its insurance operating subsidiaries.

The company will use the proceeds to refinance its term loan, as well as for general corporate purposes.

S&P said it expects Ohio National's financial leverage to remain in line with expectations at about 27% and EBITDA fixed-charge coverage to be above 4x for year-end 2020.

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