...CENTENNIAL (S&P Global Ratings) Jan. 17, 2018--S&P Global Ratings said today that it has assigned its '##+' debt rating to Voya Financial Inc.'s (NYSE: VOYA) proposed issuance of $350 million, 30 year fixed-to-floating rate junior subordinated debt. The company will use most of the proceeds to repay its 2.9% senior notes due 2018 (about $337 million is outstanding). We rate this junior subordinated issue two notches below our '###' long-term issuer credit and senior debt ratings on VOYA reflecting the subordination of the issue and the optional deferability of the subordinated debt. Per the preliminary offering memorandum, these notes will be unsecured and subordinated in right of payment to all of VOYA's existing and future senior indebtedness. VOYA has the option to defer the payment of interest on the notes for up to five years. The company can call these notes after 10 years from issuance. Generally, we provide intermediate equity credit to junior subordinated notes as long as there...
