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Fitch: ING U.S. notes BBB-
Fitch Ratings said it expects to assign a BBB- rating to ING U.S., Inc. $400 million planned issuance of 5.7% senior notes due July 15, 2043. The transaction is expected to close July 26, 2013.
The rating reflects standard notching under Fitch's rating methodology. The net proceeds of this offering will be used for general corporate purposes, including the retirement of debt. Pro forma financial leverage is expected to remain near 25%, the agency said.
The company has a long-term issuer default rating of BBB, along with a BBB- rating of 5.5% senior notes due July 15, 2022, BBB- rating on its 2.9% senior notes due Feb. 15, 2018 and BB rating on its 5.65% fixed- to floating-rate junior subordinated notes due May 15, 2053.
Equitable of Iowa Cos., Inc. also has a long-term issuer default rating of BBB and Equitable of Iowa Cos. Capital Trust II has a BB rating on its 8.424% trust preferred stock.
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