S&P assigns Great-West Lifeco debentures A-

Standard & Poor's said it assigned its A- debt rating to the C$500 million of 7.127% fixed/floating subordinated debentures with an effective maturity of 2048 to be issued by Great-West Lifeco Finance (Delaware) LP II.

The notes will be fully and unconditionally guaranteed on a subordinated basis by the top insurance holding company, Great-West Lifeco Inc. (A+/stable), the agency noted.

S&P said that the proceeds from this transaction will be used to pay down bank indebtedness outstanding that was incurred to finance the acquisition of Putnam Investments Trust from Marsh & McLennan Cos. (BBB-/stable/A-3) in August 2007.

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