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Fitch: No Rating Action Following Closing of Symetra's Acquisition by SumitomoSymetra Financial Corporation's (Symetra) acquisition by Sumitomo Life Insurance Company (Sumitomo) closed today, Feb. 1, 2016. Fitch Ratings is taking no rating action at this time. In November of 2015, Fitch set Symetra's ratings to where they were expected to be upon close of the transaction; Symetra Life Insurance Company's (Symetra Life) Insurer Financial Strength (IFS) rating of 'A' was based upon its standalone profile and Symetra's Issuer Default Rating (IDR) of 'A-' reflected the narrow notching of the expected new ownership. Fitch currently rates both Sumitomo's IDR and IFS at 'A', with its IFS constrained due to Japan's sovereign rating. Since the transaction has closed as expected, no additional rating actions are necessary. Sumitomo is one of the four major insurers in Japan, and the acquisition represents its first major overseas acquisition. The transaction expands Sumitomo's reach, with Symetra representing its US platform. Symetra's management team and headquarters will remain in Bellevue, Washington. For further details regarding Fitch's rationale for its most recent rating action taken on Symetra, see the release published on Nov 11, 2015 (Fitch Downgrades Symetra ife's IFS to 'A' and Affirms Holdco's IDR at 'A-'; Outlook Stable). Going forward, Fitch expects Symetra's future rating movements will be highly influenced by the ratings of Sumitomo. Additional information is available on www.fitchratings.com ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON (News - Alert) THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. View source version on businesswire.com: http://www.businesswire.com/news/home/20160201006295/en/ |
