Manulife Financial Corporation: Rating Report

On September 23, 2020, DBRS Limited (DBRS Morningstar) upgraded the Issuer Rating and Medium-Term Notes rating of Manulife Financial Corporation (Manulife or the Company) to A (high) from “A,” its Unsecured Subordinated Debentures rating to “A” from A (low), and its Non-Cumulative Preferred Shares rating to Pfd-2 (high) from Pfd-2. In addition, DBRS Morningstar upgraded the Issuer Rating and Financial Strength Rating of The Manufacturers Life Insurance Company (MLI) to AA from AA (low), its Unsecured Subordinated Debentures Rating to AA (low) from A (high), and its Non-Cumulative Preferred Shares rating to Pfd-1 from Pfd-1 (low). Concurrently, DBRS Morningstar upgraded the Fixed/Floating Subordinated Debentures of Manulife Finance (Delaware), L.P. to “A” from A (low). DBRS Morningstar also changed the trend on all ratings to Stable from Positive.