S&P gives Nippon Life notes A-

S&P said it gave its A- issue rating to the dollar-denominated fixed-term subordinated notes that Nippon Life Insurance Co. plans to sell.

“The issue rating on the proposed subordinated notes is two notches lower than the long-term issuer credit rating on Nippon Life. The gap reflects subordination to senior creditors and the issuer's ability to defer interest payments,” S&P said in a press release.

Nippon Life has yet to decide the notes’ total amount and coupon rate, which have interest deferral features, the agency said. The coupon will have a fixed rate until September 2031, after which it will be reset every five years.

The outlook is stable.

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