10:22 AM EDT, 05/14/2024 (MT Newswires) -- S&P Global Ratings said Monday that it has assigned its "A" debt rating to Sun Life Financial's ( SLF ) issuance of fixed-to-floating-rate subordinated debentures due 2036.

The bonds are callable at par at year seven. Sun Life's financial leverage and fixed-charge coverage continue to support the ratings, S&P said.

"We expect financial leverage to be less than 35% and fixed-charge coverage to exceed 8x for a sustained period," the rating agency added.

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