S&P: A- to Nippon Life notes

S&P said it affirmed the A+ financial strength and counterparty credit ratings on Nippon Life Insurance Co.

The outlook is stable.

Based on this assessment, S&P assigned an A- issue rating to the proposed subordinated notes.

The agency also affirmed the A- ratings on the dollar-denominated subordinated notes that the insurer issued in October 2012 and October 2014.

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

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