S&P rates Hannover Rueck notes A

S&P said it assigned an A rating to Hannover Rueck SE’s upcoming junior subordinated notes offering.

The rating is two notches below the long-term issuer credit rating on Hannover Re. S&P subtracts a notch for subordination to the company's senior obligations, and another to reflect the payment risk created by the mandatory and optional coupon cancellation features, the agency said.

Hannover Rueck plans to use the proceeds for general corporate purposes.

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