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S&P ups Power Corp. of Canada
S&P said it raised its long-term issuer credit rating on Power Corp. of Canada to A+ from A, its preferred stock rating to A- from BBB+ and its preferred stock Canada national scale rating to P-1 (low) from P-2 (high). At the same time, the agency affirmed the A+ ratings on Power Financial Corp.
“The upgrade of PCC and alignment with the ratings on PFC reflects our favorable view that the proposal to acquire the remaining 35.9% of common shares of PFC that it does not currently own will remove structural subordination and enable greater capital fungibility between the two companies. Our issuer credit ratings on PCC and PFC are aligned with that on Great-West Lifeco (the ultimate holding company of the insurance operation),” said S&P in a press release.
The outlook is stable.
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