Research Update: Sun Life Financial Inc. And Operating Subsidiaries Ratings Affirmed; Holding-Company Outlook Revised To Stable Apr 11
Standard & Poors, April 2011
Abstract
Sun Life's 2010 after-tax operating earnings of C$1.58 billion--including C$301 million from the recovering U.S. insurance operations--met our expectations. In addition, earnings diversity and lower restrictions on dividends in Canada minimally support the continued narrowed notching between the holding-company and operating-company ratings. Consequently, we have revised the outlook on the holding company to stable from negative; the outlook on SLF's North American subsidiaries remains stable. In addition, we have affirmed the 'A' rating on Sun Life Financial Inc. and the 'AA-' ratings on its North American subsidiaries. On April 15, 2011, Standard & Poor's Ratings Services revised its outlook on Sun Life Financial Inc. (SLF) to stable from negative. At the same time, Standard & Poor's affirmed its 'A' counterparty...
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 II, LP,Sun Life Financial Global Funding III LP,Sun Life Capital Trust II
Action: Affirmed
Action: Outlook: Stable
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 II, LP,Sun Life Financial Global Funding III LP,Sun Life Capital Trust II
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