S&P rates Manulife preferreds BBB+

S&P said it assigned Manulife Financial Corp.'s noncumulative rate reset class 1 shares series 25 preferred shares a BBB+/P-2(High) rating.

“Financial leverage and fixed-charge coverage for Manulife remain within our expectations of less than 25% (our financial leverage ratio gives credit for provisions for adverse deviations (PfADS) in the denominator, unlike Manulife's calculation of its own leverage) and above 4.5x, respectively,” S&P said in a news release.

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