S&P boosts Suncorp, notes

S&P said it boosted Suncorp Group Ltd.’s ratings to A+ from A and its core operating units to AA- from A+. Concurrently, the agency raised the rating on Suncorp's A$600 million of subordinated notes due in 2028 to A- from BBB+ and the rating on its A$250 million of subordinated notes due in 2035 to BBB+ from BBB. S&P also upped the rating on core operating entity AAI Ltd.'s subordinated notes to A- from BBB+.

“We raised the ratings on Suncorp Group Ltd. because we expect it to consistently achieve strong operating performance–particularly in its property/casualty (P/C) businesses. The group's earnings have displayed resilience over the past two years, withstanding Covid-19 pandemic impacts and rising weather-related claims. The performance of its P/C businesses has shown less volatility than both local and international peers, and we expect this to continue,” S&P said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.