Moody's rates Legal & General debt A2

Moody's Investors Service said it assigned an A2 rating to the 2025 subordinated debt issue by Legal & General Group plc.

The outlook is stable.

The rating reflects the A1 senior debt rating at the company and the agency's view of the deep level of subordination of debt holders at the company level relative to policyholders, Moody's said.

The agency added that the proceeds of the issue will be used to finance maturity payments in connection with the 2006-maturing existing convertible bond.

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