Moody’s rates RSA Insurance convertibles Ba2(hyb)

Moody's Investors Service said it assigned a Ba2(hyb) rating to the SEK 2.5 billion perpetual restricted tier 1 contingent convertible notes to be issued by RSA Insurance Group plc.

The notes rank junior to RSA's senior creditors, including tier 2 capital, and existing preference shares, but they rank senior to common shares, Moody’s said.

The notes will be issued for general corporate purposes, including repurchasing or refinancing existing debt, Moody’s said.

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