OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a Long-Term Issue Credit Rating of “bbb+” to the $400 million 3.125% senior unsecured notes due 2024 recently issued by Voya Financial Inc. (Voya) (headquartered in New York, NY) (NYSE:VOYA). The outlook assigned to the Credit Rating (rating) is stable.
The new notes are expected to be used to redeem a portion of the company’s $737 million senior notes due 2018, and to pay accrued interest, related premiums, fees and expenses. A.M. Best anticipates that Voya’s adjusted financial leverage ratio will increase to approximately 24% until the net proceeds are used to purchase certain outstanding notes and debentures. Despite the modest increase in leverage, A.M. Best notes that the company’s financial leverage and interest coverage ratios remain well within A.M. Best’s guidelines for the current ratings.
Voya and its subsidiaries provide retirement, investment and insurance products, and services to meet the financial needs of nearly 13 million individual and institutional customers in the United States.
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