Fitch Ratings has downgraded the Insurer Financial Strength (IFS)
ratings of Sun Life Assurance Company (U.S.) and its subsidiary, Sun
Life Insurance and Annuity Company of New York, collectively referred to
as Sun Life (US), to 'BBB' from 'A-'. The ratings remain on Rating Watch
Negative. At the same time, Fitch has withdrawn the ratings assigned to
Sun Life (US). A complete list of ratings follows at the end of this
release.
KEY RATING DRIVERS
Today's rating action follows completion of the sale of the two Sun Life
Financial Inc. (TSE, NYSE: SLF) insurance companies to Delaware Life
Holdings LLC (Delaware Life), a company owned by certain shareholders of
Guggenheim Partners. The rating opinion is based on publically available
information only and the downgrade decision reflects Fitch's view of the
standalone ratings for SLAC and SLIACNY, after the loss of SLF support.
The Rating Watch status reflects uncertainty over the impact of the new
ownership structure on Sun Life (US)'s standalone credit profile.
Fitch has withdrawn the ratings as Sun Life (US) has chosen not to
participate in the rating process. Therefore, Fitch will not have
sufficient information to maintain the ratings. Accordingly, Fitch will
no longer provide ratings or analytical coverage for Sun Life (US).
Fitch has downgraded, maintained on Rating Watch Negative, and withdrawn
the following ratings:
--Sun Life Assurance Co. of Canada (U.S.)
--Sun Life Insurance & Annuity Co. of NY
--IFS ratings to 'BBB' from 'A-'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Insurance Rating Methodology'(Aug. 19, 2013).
Applicable Criteria and Related Research:
Insurance Rating Methodology
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=715468
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=800095
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