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Rating Action:

Moody's rates Voya Financial's P-Caps Securities Baa2; stable outlook

10 Mar 2015

Approximately $500 million of securities rated

New York, March 10, 2015 -- Moody's Investors Service has assigned a Baa2 debt rating to approximately $500 million of Pre-capitalized Trust Securities ("P-Caps") issued by Peachtree Corners Funding Trust (the "Trust"), a Delaware statutory trust that will serve as a source of liquidity for Voya Financial, Inc. (Voya Financial; NYSE: VOYA, senior unsecured debt guaranteed by Voya Holdings, Inc., Baa2, stable outlook). The outlook on the P-Caps is stable, consistent with the outlook on Voya.

RATINGS RATIONALE

Moody's said that under the terms of the facility, Voya Financial has the right to issue (i.e., owns a put option) senior notes, guaranteed by Voya Holdings, Inc. (Voya Holding, long term issuer rating Baa2), maturing in February, 2025, to the Trust in exchange for high quality collateral. The collateral will be held in the Trust for the benefit of investors, purchased with the proceeds raised from the issuance of the P-Caps. Because of Voya Financial's unilateral right to issue senior notes to the Trust, and because any such notes -together with other Voya Financial obligations under the P-Caps - benefit from a full, unconditional, and irrevocable guarantee from Voya Holdings, the rating of the P-Caps is aligned with the senior debt rating of Voya Financial (guaranteed by Voya Holdings).

Moody's noted that Voya Holdings is an intermediate holding company of the Voya Financial group, which owns most of its life insurance subsidiaries. Because of the structural subordination of Voya Financial's obligations to those of Voya Holdings, Voya Financial's senior debt rating would be a notch lower without the Voya Holding guarantee.

The rating agency said that the Trust will invest the proceeds from the sale of the P-Caps in principal and/or interest strips of US Treasury securities. Should Voya Financial exercise its right to draw on the assets held by the Trust in exchange for issuing guaranteed senior notes, Moody's would then include the outstanding amount of the notes in its calculation of financial leverage for Voya Financial. However, absent the issuance of the senior notes, the P-Caps are treated by Moody's as off-balance sheet for analytic purposes and not included in either adjusted financial leverage or total leverage.

According to Vice President and Senior Credit Officer, Laura Bazer, "This transaction is a credit positive because it provides Voya Financial with an alternative source of liquidity and diversifies its funding sources." The P-Caps will provide Voya Financial with a committed source of financing that can be used under financially difficult circumstances and under normal conditions; i.e., Voya Financial has the right to issue senior notes to the Trust and receive Treasury securities at any time, including if its credit condition has deteriorated.

Moody's commented that the ratings of Voya Financial and its life insurance subsidiaries are based on the companies' sizeable share in domestic retirement services, particularly in the specialized 403(b) and 457 pension sectors, where the group has leading market shares. Voya Financial is also an important US provider of life insurance products, and, in past years, variable annuities. Strong capital and holding company liquidity, as well as Moody's expectation of on-going, improving profitability--towards a level consistent with the company's ratings--support the company's stable outlook.

The rating agency said that these strengths are mitigated by the company's significant exposure to the US equity market from its large book of legacy variable annuities (VAs) and fee-basedpension businesses. The VA book and related hedging contributes to significant GAAP earnings volatility. Continuing weakness in net flows in Voya's core tax-sheltered annuity businesses is a concern for future profitability, if recurring deposits and sales are not sufficient to offset surrenders as the company reprices the business.

RATING DRIVERS

The following factors, together, could lead to an upgrade of VOYA's ratings: reduction in earnings volatility, resulting in return-on-capital (ROC) consistently close to 8%; Risk Based Capital (RBC) ratio consistently at or above 425% (company action level), while maintaining good capital adequacy at onshore captives; cash coverage of close to 5x, and earnings coverage of at least 7x, each on a consistent basis.

Conversely, the following factors could lead to a downgrade: Elevated surrenders leading to a permanent net reduction in premium and deposits; ROC's consistently below 5%; consolidated RBC ratio falling below 375% (company action level, excluding onshore captives, which, separately, must be adequately capitalized); cash coverage of less than 3x, earnings coverage of below 5x.

Voya Financial, Inc. is a publicly traded insurance organization headquartered in New York City. As of December 31, 2014, the company had total assets of almost $227 billion and total shareholders' equity of approximately $19 billion.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations.

The principal methodology used in these ratings was Global Life Insurers published in August 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Laura Bazer
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert L Riegel
MD - Insurance
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's rates Voya Financial's P-Caps Securities Baa2; stable outlook
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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