Sagen MI Canada Inc.'s C$150 Million Subordinated Notes Rated 'BBB-'

CENTENNIAL (S&P Global Ratings) March 18, 2021--S&P Global Ratings today assigned its 'BBB-' issue rating to Sagen MI Canada Inc.'s 4.95% C$150 million subordinated notes due 2081. Our issue rating is two notches below our long-term issuer credit rating on Sagen (BBB+/Negative/--), which reflects the subordination and deferability of interest payments. The notes will be subordinated obligations and will rank junior in right of payment with all existing and future unsecured and unsubordinated obligations. In addition, the notes are effectively subordinated to all existing and future liabilities of Sagen's operating subsidiaries. The notes are subject to automatic conversion to preference shares, under certain conditions related to bankruptcy or insolvency event. The converted preference shares will rank pari passu with the

...March 18, 2021 CENTENNIAL (S&P Global Ratings) March 18, 2021--S&P Global Ratings today assigned its '###-' issue rating to Sagen MI Canada Inc.'s 4.95% C$150 million subordinated notes due 2081. Our issue rating is two notches below our long-term issuer credit rating on Sagen (###+/Negative/--), which reflects the subordination and deferability of interest payments. The notes will be subordinated obligations and will rank junior in right of payment with all existing and future unsecured and unsubordinated obligations. In addition, the notes are effectively subordinated to all existing and future liabilities of Sagen's operating subsidiaries. The notes are subject to automatic conversion to preference shares, under certain conditions related to bankruptcy or insolvency event. The converted preference shares will rank pari passu with the existing and future preference shares. Furthermore, the notes are subject to mandatory redemption if the acquisition by Brookfield Business Partners L.P.,...

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