S&P assigns SBL preferreds BB

S&P Global Ratings said it assigned its BB debt rating to SBL Holdings Inc.’s proposed issuance of fixed-rate reset noncumulative perpetual preferred shares series A. The rating reflects the subordination of the issue to SBL's indebtedness, including its senior notes and the optional dividend deferability of the preferred shares.

The company intends to use the proceeds to repay a portion of the debt outstanding under SBL's revolving loans and subsequently draw on the revolver and contribute the corresponding proceeds to its insurance operating company, Security Benefit Life Insurance Co. S&P said it views these series A preferred shares as having intermediate equity content for the purpose of our leverage and capital-adequacy calculations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.