Moody's rates Voya preferreds Ba2 (hyb)

Moody's Investors Service said it assigned a Ba2 (hyb) rating to the expected $300 million non-cumulative series B perpetual preferred stock issuance of Voya Financial, Inc.

The proceeds will be primarily used to repay about $100 million of senior notes that the company has tendered for concurrent with this offering, Moody's said, and for corporate purposes.

The outlook is stable.

The agency noted that Voya's ratings are based on the group's established position in retirement savings market and reduced earnings volatility since the sale of the company's variable annuity business in June 2018.

These strengths are mitigated by Voya's much narrower business profile and footprint after the transaction, Moody's said, as well as its greater reliance on narrow margined, highly competitive fee-based businesses.

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