Moody’s gives Direct Line notes Ba1(hyb)

Moody's Investors Service said it assigned a Ba1(hyb) rating to the £350 million fixed-rate reset perpetual restricted tier 1 contingent convertible notes to be issued by Direct Line Insurance Group plc.

The outlook was also changed from positive to positive (m), reflecting that the outlook does not apply to the rated tier 1 notes.

The agency said the rating is based on multiple risks, including the likelihood of the group’s solvency ratio reaching the conversion triggers, the likelihood of coupon suspension on a noncumulative basis and the probability of failure and loss severity.

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