Moody’s gives Dai-ichi notes A3 (hyb)

Moody's Japan K.K. said it assigned an A3 (hyb) rating to the dollar-denominated step-up callable perpetual subordinated notes to be issued by Dai-ichi Life Insurance Co., Ltd.

The outlook is stable.

Moody’s said the A3 (hyb) rating takes into account the relative subordination of the noteholders to policyholders at Dai-ichi, which has an insurance financial strength rating of A1, as well as the presence of cumulative interest deferral features in the proposed issuance.

The proposed notes will be unsecured and will be subordinated in right of payment to all senior debt, ranking pari passu with any preferred stock, but in priority to the claims of holders of common stock.

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