S&P rates Suncorp notes A-

S&P said it assigned its A- long-term issue credit rating to Suncorp Group Ltd.'s wholesale subordinated notes.

The notes have been structured to meet regulatory requirements to fund tier 2 capital in one or more regulated group subsidiaries. The notes are scheduled to mature 10.75 years after issue, with a first issuer call date of 5.75 years, subject to approval by the Australian Prudential Regulation Authority.

“We rate the notes two notches below the A+ issuer credit rating on Suncorp, recognizing the subordination to higher ranking securities and the inclusion of a nonviability contingent capital clause,” S&P said in a press release.

The outlook is negative.

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