S&P rates Empower Finance 2020 notes A+

S&P said it assigned its A+ issue-level rating to Empower Finance 2020 LP's multi-tranche senior notes. The issuance is fully guaranteed by Great-West Lifeco Inc. and will be unsecured and unsubordinated obligations, and rank pari passu with Lifeco's senior debt.

“We expect Lifeco and Empower to use the proceeds from this offering for the acquisition of the retirement services business from Massachusetts Mutual Life Insurance Co., which it announced in September,” S&P said in a press release.

Lifeco formed Empower to provide funding to finance a portion of the fees, expenses, and costs incurred in connection with the MassMutual transaction.

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