Fitch rates Asahi Life bonds BBB

Fitch Ratings said it assigned Asahi Mutual Life Insurance Co.'s planned dollar-denominated step-up callable cumulative perpetual subordinated bonds with interest-deferral options a BBB rating. The total amount and the coupon of the subordinated bonds have yet to be decided although the issuance will be around $370 million. The company expects the issue to be callable after five years, at which point there would be a 100 basis point coupon step-up feature.

The issuance is rated at the same level as Asahi’s outstanding dollar-denominated subordinated bonds.

The proceeds will be used for general corporate purposes and may also be applied towards the repayment of subordinated debt, subject to regulatory and other approvals.

The outlook is stable.

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