Fitch assigns A to Great-West notes

Fitch Ratings said it assigned an A long-term rating to Great-West Lifeco Inc.'s (GWO) issuance of €500 million of 4.7% fixed-rate senior unsecured notes.

“The rating assigned to the new senior unsecured notes is equivalent to the ratings assigned to GWO's existing senior unsecured notes and are rated one notch below GWO's A+ long-term issuer default rating (IDR), reflecting standard notching under Fitch's insurance rating criteria,” the agency said in a press release.

The proceeds are expected to be used for general corporate purposes. “Fitch does not anticipate the new issuance will cause GWO to breach any downgrade sensitivities relating to financial leverage or fixed-charge coverage,” the agency said.

The outlook is stable.

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