AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of 'bbb+' (Good) to the
The outlook assigned to the Credit Rating (rating) is stable.
The capital notes are being issued simultaneously with
The notes will be treated as Tier 1 capital. The proceeds will be used for general corporate purposes, including investment in subsidiaries and potential future redemptions of existing securities. AM Best expects that with the issuance of the Limited Recourse capital notes, MFC's financial leverage and interest coverage ratios will continue to remain within AM Best's guidelines for its current rating.
Additionally, despite an anticipated loss in earnings stemming from MFC's recent
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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