Correction: Fitch Assigns 'BBB+' Rating to NLV Financial Corp. Senior Notes.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- (This is an amended version of a press release issued today. It contains revised issuance information in the first paragraph and amended debt proceeds information in the second paragraph.) Fitch Ratings has assigned a 'BBB+' rating to NLV NLV Norwalk-Like Virus NLV North Las Vegas (Nevada) NLV National Language Version NLV National Library of Vietnam NLV Nanosat Launch Vehicle NLV New Living Version (version of the Bible) Financial Corp.'s (NLVF NLVF North Las Vegas Facility (assembly) ) $50 million issuance of senior notes due 2035. NLVF's 'BBB+' long-term issuer rating, the 'BBB+' ratings of its outstanding senior notes, and the 'A+' insurer financial strength (IFS) ratings of the group's life insurance operating subsidiaries, National Life Insurance Company of Vermont (NLV) and Life Insurance Company of the Southwest (LSW LSW Licensed Social Worker LSW Lincoln Southwest (Nebraska high school) LSW Light Support Weapon LSW Least Significant Word LSW Last Seen Wearing LSW Long Suffering Wife LSW Laboratory Safety Workshop ), are all unaffected by this rating action. The Rating Outlook for all ratings is Negative. NLVF's financial leverage and GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings coverage of 19%, and 6 times (x) to 7x, respectively, after the new issuance are within Fitch's expectations. Proceeds from the debt offering will be used for general corporate purposes and to support future growth. The National Life Group's ratings reflect sound capitalization and improved operating performance, particularly in the area of expense management. Future revisions to the current Negative Outlook and ratings levels will be determined by Fitch's assessment of continued operating improvements, seasoning of the company's recent information technology outsourcing Information Technology Outsoucing or ITO is a company's outsourcing of computer or Internet related work, such as programming, to other companies. It is used in refence to Business Process Outsourcing or BPO, which is the outsourcing of the work that does not require so much arrangements, and capital growth consistent with business growth. NLVF had consolidated GAAP assets of $13 billion and equity of $1 billion as of Dec. 31, 2004. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion