Nationwide Financial Services Inc.'s $1.5B Shelf Assigned Preliminary Ratings Dec 02
- ID: 2050447
- December 2002
- Standard & Poors
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
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