Fitch rates Western and Southern notes A+

Fitch Ratings said it assigned an A+ rating to $500 million of surplus notes due 2049 issued by the Western and Southern Life Insurance Co., along with an AA- long-term issuer default rating.

Existing ratings assigned to Western & Southern Financial Group and its insurance operating subsidiaries are unchanged.

The outlook is stable.

The company is the ultimate parent company's flagship operating subsidiary, Fitch said.

The company's surplus note issuance is being used to replenish the company's enterprise capital position following its recent acquisition of Gerber Life Insurance Co., the agency said.

The notes are rated one notch lower than the company's recently published issuer default rating of AA-, Fitch said.

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