Moody’s rates FWD notes Baa2

Moody's Investors Service said it assigned Baa2 issuer ratings to FWD Ltd. and to its proposed 10-year senior unsecured notes.

The outlooks are stable.

The proposed senior notes will constitute direct, general, unconditional, unsubordinated and unsecured obligations of FWD. The notes will rank pari passu with any preference among themselves and at least pari passu with all other present and future unsecured and unsubordinated obligations of FWD.

Net proceeds are expected to be primarily used to repay FWD’s total outstanding borrowings of around $209 million.

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