Fitch gives OneAmerica A-, notes BBB+

Fitch Ratings said it published an issuer default rating of A- for OneAmerica Financial Partners, Inc. and a rating of BBB+ for its senior unsecured notes. Fitch also assigned an expected BBB+ rating to OneAmerica’s proposed issuance of new senior unsecured notes.

“The expected rating assigned to OneAmerica’s proposed senior unsecured note issuance is consistent with the rating assigned to its existing senior unsecured notes and is based on standard notching of one below the company’s IDR,” Fitch said in a press release.

The proceeds are expected to be used for general corporate purposes, including deploying the majority into the company’s insurance operating subsidiaries. Pro forma financial leverage will remain below 25%, Fitch said.

Lastly, Fitch published an IDR of A for American United Life Insurance Co. and an A- rating for its outstanding surplus notes.

The outlook is stable.

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