S&P and Fitch Affirm Ratings on Delphi

Standard & Poor's Ratings Services said yesterday that it assigned its 'BBB' senior unsecured debt rating to Delphi Financial Group Inc.'s (DFG) proposed $100 million, 30-year notes issuance. DFG intends to use the net proceeds from this offering to repay existing debt, including existing senior notes coming due Oct. 1, 2003. The proposed new issue will be drawn down from its existing shelf registration statement. "After the note issuance, DFG, a holding company, will maintain its leverage and coverage ratios at the very favorable levels it achieved in 2002," noted Standard & Poor's credi...