A.M. Best Assigns Issue Credit Rating to Voya Financial Inc.’s New Preferred Stock
Sep. 06, 2018
OLDWICK, N.J.--(BUSINESS WIRE)--Sep 6, 2018--A.M. Best has assigned a Long-Term Issue Credit Rating of “bbb-” to the $325 million 6.125% non-cumulative preferred stock to be issued by Voya Financial Inc. (Voya) (headquartered in New York, NY) [NYSE: VOYA] on Sept. 12, 2018. The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Voya and its subsidiaries remain unchanged.
The proceeds from the offering will be utilized for general corporate purposes, including the funding of a concurrent tender offer and consent solicitation for $325 million of various outstanding senior notes. The company may call the notes after five years from issuance. A.M. Best anticipates a modest increase in leverage in the short term; however, financial leverage and interest coverage ratios remain well within A.M. Best guidelines for the current ratings. A.M. Best notes that with the successful closings of the sales of Voya’s closed-block variable annuity business and fixed annuity business in June, the company’s ratings are reflective of its leading retirement business, asset management and employee benefits business.
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 web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .
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CONTACT: A.M. Best
Edward Kohlberg, +1-908-439-2200, ext. 5664
Kenneth Johnson, CFA, CAIA, FRM, +1-908-439-2200, ext. 5056
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE
SOURCE: A.M. Best
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PUB: 09/06/2018 09:55 AM/DISC: 09/06/2018 09:55 AM