A.M. Best Assigns Rating to Industrial Alliance’s New Preferred Share Offering
2008年11月22日 - 4:52AM
ビジネスワイヤ(英語)
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.
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