Fitch Assigns BBB- to SBL notes

Fitch Ratings said it assigned an expected rating of BBB- to SBL Holdings, LLC’s proposed senior debt offering and assigned the company a BBB issuer default rating.

SBLH is the holding company for Security Benefit Life Insurance Co. and First Security Benefit Life Insurance and Annuity Co. of New York.

Financial leverage is not expected to be impacted materially as SBLH plans to use the proceeds of the issuance to repay the company’s outstanding term loan and make a partial repayment on the outstanding balance of the company’s revolving line of credit. As a result, financial leverage as measured by Fitch is expected to remain at or below 25%, well within Fitch’s expectations for the company’s rating level,” said the agency in a press release.

The outlook is stable.

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