S&P rates Great-West Lifeco debentures A+

S&P said it rated Great West Lifeco Inc.'s Canadian-dollar denominated senior debt A+.

“We expect the company to use proceeds to fund the redemption of Lifeco's currently outstanding $200 million 6.14% senior debenture due March 2018, with any additional proceeds raised used for general corporate purposes,” S&P said in a news release.

“Lifeco's overall leverage and coverage remain within our expectations, and we estimate pro-forma leverage and coverage to remain less than 30% and above 7x, respectively.”

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