S&P: Storebrand bonds BBB-

S&P said it assigned a BBB- long-term issue rating to the Swedish krona dated subordinated bonds issued by Storebrand Livsforsikring AS.

The BBB- rating reflects a standard approach for rating a subordinated debt issue, which is two notches less than the long-term counterparty credit rating on the company, the agency said.

The proceeds will be used to refinance its 1.5 billion in Norwegian krona floating-rate perpetual subordinated bonds callable in May 2018, S&P said.

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