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A.M. Best Assigns Rating to Nationwide Financial's Junior Subordinated Notes
A.M. Best Co. has assigned a debt rating of "bbb" to the $400 million 6.75% fixed-to-floating rate junior subordinated notes issued by Nationwide Financial Services, Inc. (NFS) (Columbus, OH) (NYSE: NFS). 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.
The net proceeds will be used to redeem its $300 million 8% senior unsecured notes due 2027 on June 4, 2007 and for general corporate purposes. Incorporating equity credit for the new hybrids, NFS' pro forma financial leverage will remain below 20% with solid interest coverage at seven times.
