A.M. Best Assigns Issue Credit Rating to Manulife Financial Corporation’s Subordinated Debentures Offering

OLDWICK, N.J.--()--A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” to the recently issued CAD 600 million Fixed/Floating 3.317% Subordinated Debentures due May 9, 2028, of Manulife Financial Corporation (MFC) (Toronto, Canada). The outlook assigned to the Credit Rating (rating) is stable.

The proceeds from the offering will be utilized to finance or refinance, in part or in full, new and/or existing Eligible Assets, as defined in Manulife’s Green Bond Framework. Manulife may redeem the debentures, in whole or part, on or after May 9, 2023, at a redemption price equal to par, together with accrued and unpaid interest. Thereafter, the coupon rate will be reset at a rate equal to the three-month CDOR plus 78 bps. Despite the new issuance, MFC’s financial leverage remains within the range that supports the company’s current Long-Term IRs.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Anthony McSwieney, +1-908-439-2200, ext. 5715
Senior Financial Analyst
anthony.mcswieney@ambest.com
or
Rosemarie Mirabella, +1-908-439-2200, ext. 5892
Director
rosemarie.mirabella@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Anthony McSwieney, +1-908-439-2200, ext. 5715
Senior Financial Analyst
anthony.mcswieney@ambest.com
or
Rosemarie Mirabella, +1-908-439-2200, ext. 5892
Director
rosemarie.mirabella@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com