Fitch rates Jackson preferreds BB+

Fitch Ratings said it assigned a BB+ rating to Jackson Financial Inc.’s offering of series A non-cumulative perpetual preferred stock.

“The ratings previously assigned to Jackson and its insurance operating subsidiaries are unaffected by today's rating action,” the agency said in a statement. “The new issue is rated two notches below Jackson's IDR based on 'poor' recovery expectations, with one additional notch for 'minimal' non-performance risk. Fitch's approach for notching reflects the regulatory environment of the U.S., which we assess as 'effective' and classify as following a ring-fencing approach.”

Jackson will use the proceeds to towards repaying its 1.125% senior notes due Nov. 22.

The outlook is stable.

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