Fitch Ratings assigned an A-plus rating Friday to Sun Life Financial Inc.'s issuance of about $506 million of senior unsecured debentures.
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Fitch also affirmed the Toronto insurer's A-plus long-term-issuer rating and the ratings on its outstanding preferred stock. The rating outlook is stable, Fitch's Chicago office said.
The net proceeds are expected to be used for general corporate purposes on a match-funded basis.
Sun Life's pro forma equity-adjusted leverage was 12.7% at Sept. 30 (14.8% when adjusting equity for 50% of goodwill), within ratings expectations. It does business in life and health insurance and wealth accumulation products.
