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S&P gives A- to Nippon Life notes
S&P said it rated Nippon Life Insurance Co.’s planned dollar-denominated subordinated notes due 2054 A-.
The offering’s total size is to be determined. The coupon will have a fixed rate until April 2034, 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,” the agency said in a press release.
The outlook is stable.
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