10:59 AM EDT, 06/12/2024 (MT Newswires) -- S&P Global Ratings said Tuesday that it assigned an "A-" rating to Manulife Financial's ( MFC ) issuance of a fixed-rate subordinated debenture due 2034.

The company plans to use the proceeds for general corporate purposes, including investment in subsidiaries and potential future redemptions of existing securities.

"MFC's financial leverage and fixed-charge coverage remain supportive of the ratings," S&P said. "We expect financial leverage of below 35% and fixed-charge coverage to continue to exceed 4x over our ratings horizon."

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