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S&P rates Suncorp notes BBB
S&P said it assigned its BBB rating to Suncorp Group Ltd.'s A$250 million wholesale subordinated notes.
“We rate the notes three notches below the issuer credit rating of A, recognizing the subordination to higher ranking securities, the deferability of coupon payments and the inclusion of a nonviability contingent capital clause,” S&P said in a press release.
Suncorp structured the notes to meet regulatory requirements to enable the funds to be deployed to one or more regulated subsidiaries as tier 2 capital and for general funding purposes, the agency said. The notes are scheduled to mature 15.25 years after issue, with a minimum issuer call date of 5.25 years.
“The notes do not affect the group's credit quality, with key financial leverage and interest coverage ratios remaining within tolerances,” S&P said.
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