A.M. Best Assigns Ratings to John Hancock Financial Services' Existing Debt; Affirms Ratings on Surplus Notes.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Nov. 18, 2003 A.M. Best Co. has assigned a senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating of "a+" to securities issued by John Hancock Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. (JHF JHF John Henry Foster Co. (St. Louis, MO) JHF Jewish Healthcare Foundation JHF Juvenile Hyaline Fibromatosis ) (Boston, MA) (NYSE NYSE See: New York Stock Exchange : JHF) and its subsidiaries. (See list below for issuer and security detail.) A.M. Best has also assigned indicative ratings of "a+" senior unsecured, "a" subordinated, "a-" preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and "a" trust preferred securities of John Hancock Capital Trust I and II associated with JHF's $1 billion shelf registration filed with the SEC. At the same time, A.M. Best has affirmed the "aa-" rating on surplus notes issued in 1994 by John Hancock Life Insurance Company (JHLIC). The outlook for all ratings is stable. The financial strength rating of A++ (Superior) of JHLIC and its affiliates is unaffected by this action. A.M. Best affirmed the rating with a stable outlook following the announcement of the proposed merger between Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. Corporation (MFC (Microsoft Foundation Class) An application framework for writing Microsoft C/C++ and Visual C++ applications. See application framework. MFC - Microsoft Foundation Class ) and JHF on September 29, 2003. A.M. Best does not anticipate that JHF's capital structure will change materially upon completion of the planned combination; JHF is expected to become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of MFC. The transaction is projected to close in the second quarter of 2004, subject to regulatory approvals and a vote by JHF shareholders. A.M. Best believes that JHF's capitalization, liquidity profile and overall creditworthiness Creditworthiness The condition in which the risk of default on a debt obligation by that entity is deemed low. Creditworthiness Eligibility of an individual or firm to borrow money. will be enhanced as a result of its planned merger with Manulife.
The following ratings have been assigned:
John Hancock Financial Services, Inc.--
-- "a+" on $500 million 5.625% senior unsecured notes, due
December 2008
-- AMB-1 commercial paper
John Hancock Canadian Corporation--
-- "a+" on C$220 million 6.672% senior unsecured notes, due
May 2011
-- "a+" on C$175 million 6.496% senior unsecured notes, due
November 2011
(These notes are unconditionally guaranteed by John Hancock
Financial Services, Inc.)
Maritime Life Assurance Company--
-- "a" on preferred stock
The following indicative shelf ratings have been assigned:
John Hancock Financial Services, Inc.--
-- "a+" senior unsecured debt
-- "a" subordinated debt
-- John Hancock Capital Trust I and II--"a" preferred
securities
-- "a-" preferred stock
The following rating has been affirmed:
John Hancock Life Insurance Company--
-- "aa-" on $450 million 7.375% surplus notes, due February
2024
For a list of A.M. Best's current debt ratings, please visit
http://www.ambest.com/ratings/debtrating/companies.html.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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