A.M. Best Co. has assigned a debt rating of �bbb+� to CAD 100 million 6.20% non-cumulative preferred shares of Industrial Alliance Insurance and Financial Services Inc. (IA) (Quebec, Quebec) [TSX: IAG]. The assigned outlook is positive. The preferred shares have been issued under a prospectus supplement to IA�s short form base shelf dated March 30, 2007 and will not be redeemable by IA prior to December 31, 2013. On December 31, 2013 and on December 31 for every five years thereafter, IA may redeem all or any part of these preferred shares. The proceeds from the preferred shares offering will be used for general corporate purposes and add to IA�s capital base. These preferred shares qualify as Tier 1 capital for regulatory purposes. Following the transaction, debt-to-capital levels will remain within the guidelines for the current rating, and interest coverage will continue to be strong, with fixed charge coverage expected to be in excess of eight times. IA has grown its assets under management and administration in recent years through acquisitions and internal growth. In addition, IA offers a diversified product portfolio through a number of distribution channels, including a favorable position in the brokerage and fund management community. IA has leveraged its distribution capacity and product diversification to maintain overall sales and premium growth in its core individual, group and wealth management lines. IA�s expanded business profile, continued profitable growth in its core operations, diversified product portfolio and continued growth in capital will enable it to maintain solid capital levels and strong cash flow. For Best�s Debt Ratings, all other Best�s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
iA Financial (TSX:IAG)
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