Moody's rates PartnerRe preferreds Baa1

Moody's Investors Service said it assigned a Baa1 rating to a new offering of $200 million of series D cumulative redeemable preferred shares of PartnerRe Ltd.

Net proceeds from the offering are expected to be used for general corporate purposes, including the repurchase of common shares. The outlook is stable.

According to Moody's, the Baa1 rating reflects the subordinated status of the preferred share obligations in addition to the fundamental key credit strengths and risks of the organization.

Key strengths, in Moody's opinion, include PartnerRe's position as a leading international property-casualty reinsurer, its favorable geographic spread of risk, its overall good historical profitability and its prudent risk management and sound capitalization.

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