12:39:42 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Element Financial Corp
Symbol EFN
Shares Issued 263,919,237
Close 2014-09-17 C$ 13.97
Market Cap C$ 3,686,951,741
Recent Sedar Documents

Element Financial receives BBB+ rating from KBRA

2014-09-18 09:32 ET - News Release

Mr. Steven Hudson reports

ELEMENT FINANCIAL RECEIVES BBB+ ISSUER AND SENIOR UNSECURED RATING

Element Financial Corp. has received an issuer and senior unsecured rating of BBB+ from Kroll Bond Rating Agency (KBRA). "The ratings are supported by Element's franchise strength and growing market position in Canada as well as the United States, a highly experienced management team, focus on key business relationships, and strong asset quality," noted KBRA in announcing the rating. The assigned rating carries a stable outlook.

Following the July 7, 2014, closing of the company's acquisition of PHH Arval, Element's total sources of liquidity amounted to more than $9.7-billion provided to the company through term financing agreements, various private and public securitization conduits and unsecured convertible debt with Canadian and United States-based banks and life insurance companies. With the confirmation of a BBB+ investment grade issuer and senior unsecured rating, the company plans to further diversify its financing sources by accessing the U.S. term note market as a source of additional liquidity that will complement these established facilities and lower its overall financing costs.

"This initial investment grade rating of our unsecured debt by Kroll is an important step in maturing our capital structure," said Steven K. Hudson, chairman and chief executive officer of Element Financial. "In addition to offering an independent third party assessment of the quality of the balance sheet that supports our business model, this rating sets Element on a path to achieving reduced funding costs that will help drive the strong equity returns that our business has been designed to deliver," added Mr. Hudson.

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