...NEW YORK (S&P Global Ratings) Sept. 5, 2018--S&P Global Ratings said today that it has assigned its '##+' debt rating to Voya Financial Inc.'s (NYSE: VOYA) proposed issuance of fixed-rate reset noncumulative preferred stock. We expect the company to use most of the proceeds to purchase its senior notes. We rate this preferred stock issue two notches below our '###' long-term issuer credit ratings on VOYA, reflecting the subordination of the issue and the optional deferability of the subordinated debt. Per the preliminary offering memorandum, these shares 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, and the coupons are noncumulative. The company can call these notes after five years from issuance. Generally, we provide intermediate equity credit to preferred shares as long as there is 20 years left to maturity. Similarly, these notes will likely receive intermediate equity credit...
