Fitch gives Great-West preferred shares BBB+

Fitch Ratings said it expects to assign the following rating to Great-West Lifeco's issuance of C$200 million of series Q non-cumulative first preferred shares BBB+.

The new shares' rating will be equivalent to the ratings on Great-West's existing preferred shares.

Under Fitch's hybrid methodology, the company's non-cumulative preferred shares receive 100% equity credit, the agency noted.

At March 31, Great-West's financial leverage was 23% and GAAP earnings-based interest and preferred dividend coverage was about 6x, Fitch added.

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