S&P rates Suncorp notes BBB+

S&P said it assigned a BBB+ rating to Suncorp Group Ltd.'s wholesale subordinated notes. The notes are scheduled to mature 15.2 years after issue, with a first issuer call date of 5.2 years.

“We rate the notes three notches below the long-term 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.

The notes are structured 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 outlook is stable.

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