Moody’s gives PartnerRe preferreds Baa2 (hyb)

Moody's Investors Service said it assigned Baa2 (hyb) preferred stock ratings to PartnerRe Ltd.'s series G, series H and series I preferred shares following the completion of the company's exchange offer on existing preferred shares.

The outlook is stable.

The terms of the series G, series H and series I preferred shares are identical in all material respects to the terms of PartnerRe's series D, series E and series F preferred shares, respectively, except that the new preferred shares have an extended redemption date of the fifth anniversary of the date of issuance of the new preferred shares.

Moody's noted that about 70%, 79% and 73% of the series D, series E and series F preferred shares, respectively, were exchanged into new preferred shares, while the remaining unexchanged preferred shares are still outstanding under their original terms.

According to Moody's, PartnerRe's ratings reflect the group's leadership position in specialty reinsurance lines, as well as its well-diversified book of proportional and non-proportional reinsurance business.

In addition, the ratings are based on the group's strong capitalization, good core profitability and high quality investment portfolio, the agency said.

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