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Nationwide Financial Services Inc.'s $1.5B Shelf Assigned Preliminary Ratings Dec 02 Product Image

Nationwide Financial Services Inc.'s $1.5B Shelf Assigned Preliminary Ratings Dec 02

  • ID: 2050447
  • December 2002
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Dec. 23, 2002--Standard & Poor's Ratings Services said today that it assigned its preliminary 'A-' senior debt, 'BBB+' subordinated debt, and 'BBB' preferred stock ratings to Nationwide Financial Services Inc.'s (NFS) $1.5 billion universal shelf. NFS registered to offer up to $1.3 billion of mixed securities under a shelf registration statement filed with the SEC late Thursday. The company is combining the offering with $200 million of previously registered but unsold securities for a total shelf of $1.5 billion. Standard & Poor's expects NFS's financial leverage (debt plus preferred as a percentage of capitalization) to remain at or less than 26%. Furthermore, pro forma fixed-charge coverage is expected to remain strong at 8x-9x. Standard &...

Companies mentioned in this report are: Nationwide Financial Services Inc.
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.

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