A.M. Best Assigns Debt Rating to Great-West Lifeco Inc.’s Senior Unsecured Euro Bonds Business Wire OLDWICK, N.J. -- April 18, 2013 A.M. Best Co. has assigned a debt rating of “a” to the recently announced EUR 500 million 2.50% fixed rate senior unsecured euro bonds maturing April 18, 2023 of Great-West Lifeco Inc. (Great-West) (Winnipeg, Manitoba). The assigned outlook is stable, and the existing ratings of Great-West and its subsidiaries are unaffected. The proceeds from the euro bonds offering will be utilized as part of Great-West’s plan to finance its previously announced acquisition of Irish Life Group Limited (ILGL). A.M. Best notes that Great-West’s adjusted financial leverage is expected to remain well below 25%, which is within A.M. Best’s guidelines to support the assigned rating. Additionally, Great-West’s interest and fixed charge coverage ratios also are expected to remain within A.M. Best’s guidelines for its current rating level. The rating reflects Great-West’s very strong market position in its core business lines, its highly diversified earnings profile and excellent financial flexibility. Great-West’s diversified insurance, reinsurance and financial services operations along with its strong enterprise risk management capabilities have enabled it to manage through adverse economic conditions in recent years with only a modest impact to its overall performance and financial strength. A.M. Best recognizes Great-West’s consolidated position as a market leader in the Canadian individual and group insurance markets, with stable earnings contributions from its U.S. operations, which are driven by its growing retirement savings business and enhanced opportunities for additional diversification from its international business segments, including its previously announced acquisition of ILGL. In addition to its stable sources of earnings, Great-West also maintains a high quality investment portfolio and excellent liquidity across the enterprise. As a result, A.M. Best anticipates that Great-West will continue to be well positioned to comfortably service its debt. The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED. #### Contact: A.M. Best Co. Robert Adams, 908-439-2200, ext. 5225 Senior Financial Analyst email@example.com or Thomas Rosendale, 908-439-2200, ext. 5201 Assistant Vice President firstname.lastname@example.org or Rachelle Morrow, 908-439-2200, ext. 5378 Senior Manager, Public Relations email@example.com or Jim Peavy, 908-439-2200, ext. 5644 Assistant Vice President, Public Relations firstname.lastname@example.org
A.M. Best Assigns Debt Rating to Great-West Lifeco Inc.’s Senior Unsecured Euro Bonds
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