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Nationwide Financial Services Inc.'s Senior Notes Assigned 'A' Rating Jun 02
Standard & Poors, June 2002
NEW YORK (Standard & Poor's) June 20, 2002--Standard & Poor's said today it assigned its single-'A' rating to Nationwide Financial Services Inc.'s (NFS) $300 million senior notes offering. The proceeds of the offering will be used as part of an overall financing package to acquire the assets of Provident Mutual Life Insurance Co. in a sponsored demutualization. The remainder of the financing proceeds is expected to come from the issuance of NFS common shares. The demutualization and acquisition of Provident Mutual is expected to occur in third-quarter 2002. On Aug. 8, 2001, Columbus, Ohio-based NFS announced that it had reached a definitive agreement to acquire the assets of Provident Mutual upon demutualization for a total consideration of $1.56 billion. After...
Companies mentioned in this report are: Nationwide Financial Services Inc.,Nationwide Life Insurance Co. of America
Action: New Rating
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Nationwide Financial Services Inc.,Nationwide Life Insurance Co. of America