June 30, 2005 by Canadian Underwriter
Sun Life Assurance Company of Canada and its primary subsidiaries Sun Life Assurance Company of Canada and Sun Life Insurance and New York-based Annuity Company recently received affirmation from A.M. Best regarding a financial strength rating of A++ (Superior). A.M. Best has also affirmed all of Sun Life’s existing debt ratings and its issuer credit rating of “aa+”. In addition the issuer credit rating for Sun Life Financial Inc’s has been affirmed at “aa-” and it has been assigned a debt rating of “a” to its issuance of CAD 300 million Class A Non-Cumulative Preferred Shares Series 2.
According to A.M. Best, “All ratings have a stable outlook. The proceeds from the offering may be used to redeem Sun Life’s CAD 150 million preferred share issue and for general corporate purposes. The offering does not significantly increase Sun Financial’s leverage or fixed charge coverage, which remain within acceptable ranges for the company’s rating.”