Fitch rates Sun Life notes A-

Fitch Ratings said it assigned an A- rating to Sun Life Financial Inc.’s C$1 billion 2.58% fixed to floating subordinated debentures due 2032.

“Sun Life's new subordinated notes rating is equivalent to the rating on its existing subordinated debt. The notes are rated two notches below the company's A+ long-term insurer default rating (IDR), which reflects Fitch’s assumption of ‘poor’ recovery prospects in the event of default, given the level of subordination,” said Fitch in a press release.

Proceeds will be used for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness.

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