Broad Inc. debt gets so-so rating.A recent $125 million senior debt issue of Broad Inc., the Westside-based insurer run by Eli Broad Eli Broad (born June 6, 1933) a native of Detroit, Michigan is a Jewish American billionaire who lives in Los Angeles, California. His last name is pronounced as rhyming with road. Broad is well known for his philanthropy and extensive art collection. , has been rated A- by the Chicago-based credit-rating agency Duff & Phelps Inc. The Duff & Phelps definition of single-A ratings, of which A- is towards the lower range, is: "Protection factors are average but adequate. However, risk factors are more variable and greater in times of economic stress." A Duff & Phelps single-A rating is superseded by double- and triple-A ratings, and is one grade above a triple-B rating, the lowest "investment grade" rating. Said Duff & Phelps of its rating of Broad Inc.: "The rating reflects the company's reasonable financial leverage, good fixed charge coverage, and improving asset quality." Broad has $11 billion in assets and markets fixed annuities Fixed annuities Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period. , variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. , mutual funds, trust services and investment management services. Broad has been reducing the exposure of its life insurance subsidiaries to junk junk Classic Chinese sailing vessel of ancient unknown origin, still in wide use. High-sterned, with a projecting bow, the junk carries up to five masts on which are set square sails consisting of panels of linen or matting flattened by bamboo strips. debt, said Duff & Phelps. "At year-end 1990, below investment-grade securities represented 17 percent of total invested assets in the primary insurance subsidiaries, Sun Life Insurance and Anchor Life Insurance. By the end of 1991, this exposure was reduced to approximately 10 percent," reported Duff & Phelps analyst Julie Burke The name Burke (from Irish Gaelic de Burca, of Norman origin). In English the meaning of the name Burke is "fortified hill." See also Berkley. Places Australia
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