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AM Best Assigns Issue Credit Rating to Sun Life Financial Inc.’s Subordinated Debentures

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.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts:

Anthony McSwieney
Senior Financial Analyst
+1 908 439 2200, ext. 5715
anthony.mcswieny@ambest.com

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