Moody’s gives PartnerRe notes A3

Moody's Investors Service said it assigned an A3 rating to €750 million of 1.25% guaranteed notes due 2026 to be issued by PartnerRe Ireland Finance DAC, an indirect wholly owned subsidiary of PartnerRe Ltd. (senior shelf at provisional A3).

The notes mature in 10 years and are unconditionally and irrevocably guaranteed by PartnerRe.

Net proceeds will be used for general corporate purposes, including the repurchase of certain of the group's senior notes and partial redemption of PartnerRe's preferred shares.

Moody's currently rates PartnerRe's principal operating subsidiaries A1 for insurance financial strength.

The outlook is stable.

PartnerRe Ireland Finance DAC is a special purpose financing subsidiary established to issue the notes. The A3 rating on the new notes is based on an unconditional and irrevocable guarantee provided by PartnerRe, Moody’s said. As a result of the guarantee, the notes will rank pari passu with all other outstanding unsecured and unsubordinated obligations of PartnerRe.

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