OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “a-” to the CAD 1.0 billion 2.58% fixed-to-floating rate Series 2020-1 subordinated debentures due May 10, 2032, recently issued by Sun Life Financial Inc. (SLF) (Ontario, Canada) [NYSE: SLF]. The outlook assigned to this Credit Rating (rating) is stable.
The debentures are unsecured and subordinated of SLF and will be ranked equally and rateably with all other subordinated unsecured indebtedness of SLF. The net proceeds will be used for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness. The funding will be capital qualifying under Canada’s Office of Superintendent of Financial Institutions (OSFI) guidelines.
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