Sun Life Financial Global Funding III, L.P. -- Moody's confirms Sun Life US' Baa2 IFS rating; confirms Sun Life Financial Global Funding III notes at Baa1; outlook stable

New York, August 19, 2013 -- Moody's Investors Service has confirmed the Baa2 insurance financial strength (IFS) rating of Sun Life Assurance Company of Canada (U.S.) (Sun Life US), formerly owned by Sun Life Financial Inc. ((SLF:TSX; preferred stock Baa2 (hyb), stable), and confirmed the senior secured debt rating of Sun Life US's affiliate, Sun Life Financial Global Funding III, L.P. (SLFGF III), at Baa1. The outlook for both ratings is stable. These rating actions follow the closing, on August 2, 2013, of the sale by SLF of Sun Life US-- including its US variable annuity (VA), fixed and fixed indexed annuity, BOLI/COLI, and variable life insurance liabilities--to Delaware Life Holdings, LLC (unrated), a company owned by shareholders of Guggenheim Partners, LLC (Guggenheim; unrated). This concludes the review for downgrade of Sun Life US and the review with direction uncertain of SLFGF III that was initiated on December 17, 2012. The transaction, which had been delayed by a review conducted by the New York Department of Financial Services (NYDFS) of private investor groups' ownership of insurance businesses, including Guggenheim, received final NYDFS approvals for the closing on July 31, 2013.

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