S&P rates ParnerRe preferreds BBB

S&P said it assigned its BBB issue-level rating to PartnerRe Ltd.'s 4.875% $200 million series J, fixed-rate non-cumulative redeemable preferred shares.

“Our issue-level rating is two notches below our long-term issuer credit rating on PartnerRe, reflecting subordination and deferability features. As a result of these preferred shares meeting our hybrid criteria and receiving tier 2 capital treatment under the Bermuda Monetary Authority's capital requirement rules, we assess these securities as having intermediate equity content,” the agency said in a press release.

PartnerRe intends to use the proceeds for general corporate purposes, including the redemption of a portion of its outstanding preferred shares.

© 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.