Fitch rates Great-West Lifeco notes A

Fitch Ratings said it expects to assign an A rating to Great-West Lifeco Finance (Delaware) LP's $700 million 4.15% senior notes due 2047, which are anticipated to close May 26.

The rating assigned is equivalent to the rating on Great-West Lifeco's senior notes, as the debt is fully and unconditionally guaranteed by Great-West Lifeco, Fitch explained.

The agency said it expects a portion of the proceeds will be used for a debt redemption in June, and the remainder will be used for general corporate purposes.

Fitch said it expects pro forma leverage following the debt issuance and redemption to be 19%.

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