Fitch rates Empower Finance 2020 notes A

Fitch Ratings said it assigned an A rating to Empower Finance 2020, LP's $1.5 billion multi-tranche senior note issuance.

“The rating assigned is equivalent to the rating on Great-West Lifeco's (GWO) senior notes, as the debt is fully and unconditionally guaranteed by GWO,” Fitch said in a press release.

Proceeds are expected to be used to fund a portion of GWO's recently announced acquisition of Massachusetts Mutual Life Insurance Co.'s retirement plan business.

“The ratings reflect standard notching with the notes rated one notch below GWO's long-term issuer default rating of A+. GWO's existing ratings are not impacted by this rating assignment,” Fitch said.

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