Fitch gives Globe Life notes BBB-

Fitch Ratings said it assigned a rating of BBB- to Globe Life Inc.'s issuance of up to $325 million of junior subordinated notes due 2061.

“The new junior subordinated debentures rating is equivalent to the rating assigned to the existing debt level. The debentures are rated three notches below Globe Life's long-term issuer default rating (IDR), which reflects two notches for Fitch's assumption of poor recovery prospects in the event of default and an additional notch for minimal non-performance risk,” Fitch said in a press release.

Proceeds are expected to be used to redeem Globe Life’s $300 million of junior subordinated debentures outstanding.

The outlook is stable.

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