S&P gives A- to Securian notes

S&P said it assigned its A- debt rating to Securian Financial Group Inc.'s proposed senior unsecured debt issuance. The issuance has a 30-year maturity, and the company will use the proceeds for general corporate purposes.

S&P said Securian Financial maintains a strong business profile encompassing a diversified product offering, solid market position in its core products, and stable operating performance. The company's financial profile continues to be “extremely strong” with AAA capital adequacy per S&P’s risk-based capital model and adequate financial flexibility.

“We expect a modest increase in financial leverage with this issuance, but leverage should remain less than 20% for year-end 2018. We also expect EBITDA interest coverage to be above 10x,” S&P said in a news release.

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