A.M. Best Co. assigned a debt rating of aa-plus Friday to a funding-agreement-backed securities program established by Sun Life Assurance Co. of Canada (U.S.), the Wilmington, Del., unit of the Toronto insurer.
The Oldwick, N.J., company also assigned a debt rating of aa-plus to Sun Life Financial Global Funding ll LP's $900 million of floating-rate secured notes. The outlook for both ratings is stable.
Through its global medium-term note program, Sun Life Global Funding issued the floating-rate notes in a private placement. The notes are ultimately secured by one or more funding agreements issued by the Delaware unit. The ratings reflect Sun Life's diversified and profitable operations, favorable risk-adjusted capitalization, and strong market positions in all major business segments in Canada, complemented by growth outside North America, according to A.M. Best.
Sun Life US is a wholly owned subsidiary of Sun Life Financial Inc. in Toronto.
