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BULLETIN: Sun Life Financial Inc.'s Acquisition Of CMG Asia Ltd. Credit Neutral Jul 05
Standard & Poors, July 2005
Abstract
TORONTO (Standard & Poor's) July 6, 2005--Standard & Poor's Ratings Services today said that Sun Life Financial Inc.'s (Sun Life; A+/Positive/A-1; TSX: SLF; NYSE: SLF) announcement that its primary insurance subsidiary, Sun Life Assurance Co. of Canada (AA+/Stable/A-1+), has reached an agreement to purchase CMG Asia Ltd. (BBB+/Watch Pos/--) and CommServe Financial, which together form the Hong Kong insurance and pension operations of the Commonwealth Bank of Australia (AA-/Stable/A-1+), for C$560 million would not affect the ratings or outlook on Sun Life or any of its subsidiaries. The transaction, which is subject to the approval by the regulatory authorities in Hong Kong and Bermuda, and the Office of the Superintendent of Financial Institutions in Canada, is expected to close late...
Companies mentioned in this report are: Sun Life Financial Inc.,Commonwealth Bank of Australia,Sun Life Assurance Co. of Canada,Sun Life Hong Kong Ltd.
Action: Bulletin
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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