Manulife Financial Corp. Singapore-Dollar-Denominated Subordinated Debt Rated #A-#

Stocks and Financial Services Press Releases Tuesday November 14, 2017 16:21
NEW YORK--14 Nov--S&P Global Ratings

NEW YORK (S&P Global Ratings) Nov. 13, 2017--S&P Global Ratings said today that it assigned its 'A-' debt rating to Manulife Financial Corp.'s (MFC) issuance of 12-year Singapore dollar-denominated subordinated debt. The notes are being issued by MFC as "Green Bonds" under the Manulife Green Bond Framework, and the proceeds will be used to fund the financing or refinancing of assets that are considered eligible under the framework.

The notes are callable at par by Manulife after 7 years of issuance. The notes will be direct, unsecured obligations of MFC and will be subordinated in right of payment to all senior debt and policy liabilities of MFC and equal in right of payment to all other subordinated debt.

MFC's financial leverage and fixed-charge coverage remain supportive of the ratings. Leverage excluding Provisions for Adverse Deviations and following the various debt redemptions so far this year remains between 30%-35%.

Core earnings for MFC in 2016 exceeded $4 billion, resulting in strong fixed-charge coverage on a core earnings basis of about 8x. We expect core earnings coverage to remain above 7.5x for 2017, and estimate EBITDA fixed-charge coverage above 7x.

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