S&P rates Reinsurance Group issues BBB, A-

S&P said it assigned a BBB subordinated debt rating to the $300 million of subordinated debentures due 2056, along with an A- rating to the $300 million senior unsecured note issuance due 2026 being offered by Reinsurance Group of America Inc.

The agency also said it affirmed the AA- financial strength and long-term counterparty credit ratings on the company’s core operating subsidiaries, as well as an A- long-term counterparty credit rating on Reinsurance Group, the group's holding company.

The outlook is stable.

The rating on the subordinated notes is two notches below the issuer credit rating on the company as with one notch for the deferral feature and one notch for structural subordination, S&P said.

The proceeds will be used to prefund a $300 million debt maturity in 2017 and use the remainder for general corporate purposes, the agency said.

The stable outlook reflects an expectation for the company’s continued development of global business and increased diversification, S&P said.

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