Moody's rates Nippon notes A2

Moody's Investors Service said it assigned a rating of provisional A2 (hyb) to the U.S. dollar-denominated step-up callable subordinated notes with a maturity of 30 years to be issued by Nippon Life Insurance Co.

The outlook is stable.

The agency said the provisional A2 (hyb) rating takes into account the relative subordination of the subject noteholders to policyholders at Nippon Life, which has an insurance financial strength rating of Aa3, as well as the presence of cumulative interest deferral features in the proposed issuance.

Moody's said the Aa3 insurance financial strength rating on Nippon Life is based on the company's position as Japan's largest traditional life insurer with a solid franchise, strong business base and large market share, as well as a financial profile superior to those of its peers in terms of liquidity and financial flexibility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.