S&P rates Western and Southern Life notes A

S&P said it assigned its A subordinated debt rating to Western and Southern Life Insurance Co.'s (WSLIC) proposed issuance of fixed-to-floating rate surplus notes due 2069.

“We rate these surplus notes two notches below our financial strength rating on WSLIC because they are subordinated to policyholder obligations, and payments may be deferred due to regulatory restrictions,” S&P said in a news release.

“Additionally, we provide intermediate equity credit to these surplus notes subject to a limit of 15% of total adjusted capital (TAC) as long as they have at least 20 years until maturity.”

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