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S&P rates SBL Holdings BBB-
S&P said it assigned its BBB- issuer credit rating to SBL Holdings Inc. The outlook is stable.
“SBL is the holding company of Security Benefit Life Insurance Co. (A-/stable/–) and First Security Benefit Life Insurance and Annuity Co. of New York (A-/stable/–). The rating on SBL is three notches below our ratings on the operating companies, which is standard for an insurance holding company that depends primarily on dividends from its U.S. operating subsidiaries for its cash flow needs, which are primarily to service interest expenses of approximately $200 million.
“The rating also reflects our view that the holding company will maintain adequate liquidity in the next 12 to 24 months,” S&P said in a press release.
The outlook reflects an expectation for SBL's capital adequacy at least at the 99.95% confidence level, a varied revenue and distribution mix, and financial leverage below 30%, the agency said.
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