Research Update: Sun Life Financial Inc. And Canadian And U.S. Operating Subsidiaries Downgraded Due To Earnings Pressure Mar 09
Standard & Poors, March 2009
Abstract
On March 6, 2009, Standard & Poor's Ratings Services lowered its ratings on Toronto-based Sun Life Financial Inc. (TSX: SLF; Sun Life Financial) and its rated Canadian and U.S. operating companies by one notch. These operating subsidiaries now have long-term counterparty credit and financial strength ratings of 'AA' and include: Sun Life Assurance Co. of Canada; Sun Life Assurance Co. of Canada (U.S.); and Sun Life Insurance & Annuity Co. of New York (collectively known as Sun Life). The long- and short-term counterparty credit ratings on Sun Life Financial are 'A+/A-1'. At the same time, we removed the ratings from CreditWatch with negative implications, where they were placed Feb. 17, 2009. The outlook is negative. The ratings and outlook on...
Companies mentioned in this report are: Sun Life Financial Inc.,Sun Life Assurance Co. of Canada,Clarica Life Insurance Co.,Sun Life Assurance Co. of Canada (U.S.),Independence Life & Annuity Co.,Sun Life Insurance & Annuity Co. of New York,Sun Life Assurance Co. of Canada (U.S. branch),Sun Canada Financial Co.,Sun Life Hong Kong Ltd.,Sun Life of Canada Funding LLC,Sun Life Capital Trust,Sun Life Financial Global Funding LP,Sun Life Financial global Funding II, LP
Action: Downgraded
Action: Removed From CreditWatch
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Sun Life Financial Inc.,Sun Life Assurance Co. of Canada,Clarica Life Insurance Co.,Sun Life Assurance Co. of Canada (U.S.),Independence Life & Annuity Co.,Sun Life Insurance & Annuity Co. of New York,Sun Life Assurance Co. of Canada (U.S. branch),Sun Canada Financial Co.,Sun Life Hong Kong Ltd.,Sun Life of Canada Funding LLC,Sun Life Capital Trust,Sun Life Financial Global Funding LP,Sun Life Financial global Funding II, LP
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