S&P gives Western and Southern notes A

S&P said it assigned an A subordinated debt rating to Western and Southern Life Insurance Co.'s proposed surplus notes due 2061.

“We are rating these surplus notes two notches below our financial strength rating on Wslic – consistent with the ratings on the company's existing surplus notes. One notch represents subordination to the policyholder obligations, the company's indebtedness, and other creditor claims. The second notch captures payment risk since payments may be deferred due to regulatory restrictions,” S&P said in a press release.

The company intends to use the proceeds for general corporate purposes.

S&P said it does not see the offering affecting Western and Southern’s other ratings.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.