Fitch rates Swiss Life notes BBB

Fitch Ratings said it assigned ELM BV's €700 million step-up perpetual fixed-to-floating notes a rating of BBB. The notes have been issued to finance loan notes of equal amount to Swiss Life Insurance and Pension Co. Swiss Life is rated insurer financial strength A- and issuer default BBB+ with stable outlook.

The notes have been secured against subordinated perpetual fixed-to-floating rate loan notes issued by Swiss Life and guaranteed by Swiss Life Holding. The notes issued by repackaging vehicle ELM BV have been rated on a look-through basis to the financial strength of Swiss Life and taking into consideration the characteristics of the securities, Fitch said.

The transaction will not materially affect the insurer's leverage and is within interest coverage capability, the agency said.

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