S&P assigns A- to Nippon Life notes

S&P said it assigned an A- rating to Nippon Life Insurance Co.’s planned U.S. dollar-denominated fixed-term subordinated notes due 2053.

“Nippon Life has yet to decide the total issuance amount of the proposed subordinated notes, which have interest deferral features. The coupon will have a fixed rate until September 2033, after which it will reset every five years. The issue rating on the proposed subordinated notes is two notches lower than the long-term issuer credit rating on Nippon Life. This reflects subordination to senior creditors and the issuer's ability to defer interest payments,” S&P said in a statement.

The outlook is stable.

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