Moody's rates QBE securities Baa2

Moody's Investors Service said it assigned a Baa2 rating to the proposed $550 million perpetual preferred securities to be issued by QBE Capital Funding II LP, a limited partnership with a private limited company general partner, which is a wholly-owned subsidiary of QBE Insurance Group Ltd.

The outlook is stable.

The proceeds from the issuance will be used to assist with the funding of QBE's previously announced U.S. acquisitions of Praetorian Financial Group and Winterthur U.S. Holdings Inc.

The rating reflects both the financial fundamentals of and ultimate reliance on, repayment from QBE, which is rated A3 with stable outlook.

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