Fitch rates Voya P-Caps BBB-

Fitch Ratings said it expects to assign a BBB- rating to the proposed $500 million of pre-capitalized trust securities (P-Caps) issued by Peachtree Corners Funding Trust, a newly created trust that will serve as a source of capital and liquidity for Voya Financial, Inc.

The outlook is positive.

The proceeds will be invested in a portfolio of principal and interest strips of U.S. treasuries, Fitch said.

The agency said it believes the newly issued P-Cap securities provide Voya with an additional source of capital and liquidity that could be used in a stress scenario.

The outlook revision reflects the significant improvement in Voya’s balance-sheet strength, Fitch said, as well as improved debt-servicing capacity.

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