Moody's rates Western & Southern notes A2 (hyb)

Moody's Investors Service said it affirmed the existing ratings of Western & Southern Financial Group, Inc. (W&SFG) and its subsidiaries.

The agency also said it assigned an A2 (hyb) rating to the planned issuance of about $500 million 50-year fixed- to floating-rate surplus notes by the Western and Southern Life Insurance Co.

The proceeds will be used for general corporate purposes, which may include the repayment of amounts outstanding on the credit facility used to acquire Gerber Life Insurance Co., Moody's said.

The outlook is stable.

The ratings are based on the company's established positions in the life insurance and fixed annuity markets, its strong capitalization and multi-channel distribution network, Moody's said.

These strengths are mitigated by the company's modest size and scale in the life, annuity and asset-management businesses, the agency said.

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