Sun Life Financial Global Funding III, L.P. -- Moody's downgrades Sun Life US IFS to Baa2 (on review for downgrade); affirms Sun Life Assurance's Canadian Aa3 IFS (negative outlook); places Sun...

Toronto, December 17, 2012 -- Moody's Investors Service has downgraded to Baa2 from A3 the insurance financial strength (IFS) rating of Sun life Assurance Company of Canada (U.S.) (Sun Life US), the wholly-owned U.S. life insurance subsidiary of Sun Life Financial Inc. (TSX; SLF: preferred stock at Baa3 (hyb) review for possible upgrade ). The rating was also placed on review for further possible downgrade. In the same rating action, the Baa1 senior secured debt rating of Sun Life Financial Global Funding III, L.P. (SLFGF III) was placed under review with direction uncertain. Moody's also affirmed the Aa3 IFS rating of SLF's Canadian insurance subsidiary, Sun Life Assurance Company of Canada (SLA), and the ratings of other Canadian affiliates, with the outlook for the Canadian ratings (excluding SLF) remaining negative. Finally, the rating agency placed SLF's preferred stock Baa3 (hyb) rating on review for possible upgrade. These rating actions follow today's announcement by SLF that it had executed a definitive agreement to sell 100% of the shares of Sun Life US, including SLF's US variable annuity (VA), fixed and fixed indexed annuity, BOLI/COLI, and variable life insurance liabilities, to Delaware Life Holdings (DLH), a company owned by shareholders of Guggenheim Partners, LLC (Guggenheim; unrated) for approximately $1.35billion. The transaction, which is subject to regulatory and other approvals, is expected to close by the end of Q2 2013.

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