S&P gives RGA notes A

S&P said it gave an A rating to RGA Reinsurance Co.’s planned surplus notes due 2051.

“We are rating the surplus notes two notches below our financial strength rating on the company, because they are subordinated to policyholder obligations, and payments may be deferred due to regulatory restrictions. We also classify these notes as having intermediate equity credit, subject to a limit of 15% of total adjusted capital,” S&P said in a press release.

The proceeds will be used for general corporate purposes.

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