Thrivent Financial for Lutherans Proposed Surplus Notes Rated 'AA-'

NEW YORK (S&P Global Ratings) March 8, 2022--S&P Global Ratings today said it assigned its 'AA-' debt rating to the proposed surplus notes to be issued by Thrivent Financial for Lutherans. The company intends to use the proceeds for general corporate purposes. We are rating the surplus notes two notches below our issuer credit rating on the company because they are subordinated to policyholder obligations, and payments may be deferred due to regulatory restrictions. We also classify these notes as having intermediate equity content, subject to a limit of 15% of total adjusted capital. We do not expect this transaction to have a material impact on Thrivent's financial risk profile. We expect the company to maintain reported financial leverage at

...March 8, 2022 NEW YORK (S&P Global Ratings) March 8, 2022--S&P Global Ratings today said it assigned its '##-' debt rating to the proposed surplus notes to be issued by Thrivent Financial for Lutherans. The company intends to use the proceeds for general corporate purposes. We are rating the surplus notes two notches below our issuer credit rating on the company because they are subordinated to policyholder obligations, and payments may be deferred due to regulatory restrictions. We also classify these notes as having intermediate equity content, subject to a limit of 15% of total adjusted capital. We do not expect this transaction to have a material impact on Thrivent's financial risk profile. We expect the company to maintain reported financial leverage at less than 15% and fixed-charge coverage well above 10x....

Ratings Action