Fitch affirms Great-West Lifeco

Fitch Ratings said it affirmed Great-West Lifeco Inc.'s issuer default rating at AA-, senior debentures at A+ and non-cumulative first preferred shares at A.

The outlook is stable.

Rating strengths include significant business diversification, a focus on lower-risk product design and target markets that best leverage capabilities, and consistently robust earnings performance, according to the agency.

Concerns include the increased use of financial leverage for acquisition funding, the relatively mature Canadian markets and the competitive nature of certain U.S. and European niches, Fitch said.

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