A.M. Best Co. has assigned a debt rating of “bbb” to the $400 million 6.75 percent fixed-to-floating rate junior subordinated notes issued by Nationwide Financial Services, Inc. The notes have a scheduled maturity of 30 years and a final maturity date of 2067. “The rating assigned to the notes reflects their subordinated status to senior, subordinated and junior subordinated debt of NFS; the replacement capital covenant; and a 10-year optional interest deferral feature,” Best noted.
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