S&P rates PartnerRe notes A-

S&P said it assigned an A- long-term debt rating to PartnerRe Ltd.'s €750 million 1.25% unsecured notes due in 2026, which will be listed on the main securities market of the Irish Stock Exchange.

The proceeds will be used to repay $250 million of 6.875% notes due in 2018, redeem series D 6.5% and series E 7.25% preferred shares and for general corporate purposes, S&P said.

The agency said the redemption results in yearly pre-tax savings on interest payments and dividends of about $16 million starting in 2017, the agency said.

The notes will be issued by PartnerRe Ireland Finance DAC and will be fully and unconditionally guaranteed by the ultimate parent company, PartnerRe, the guarantor, S&P said.

The agency said it expects the company to maintain its extremely strong capitalization at the AAA level and manage its business autonomously.

But reinsurance pricing continues to be soft across most lines of business and regions, S&P added.

© 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.