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.
Was this article valuable?
Here are more articles you may enjoy.
Cost of a Data Breach Reaches Record $5 Million on Average 
CBIZ Brokerage to Be Spun Off, Backed by Private Equity, After $5B Grant Thornton Deal 
Former Insurance Agent Sentenced to Jail for Fraud, Again 
eBay Settles Couple’s Harassment, Stalking Claims for $55.7 Million 
