S&P assigns zaA+ to Old Mutual notes

S&P said it assigned its zaA+ South Africa national scale issue rating to the unsecured deferrable floating-rate subordinated note to be issued by life insurer Old Mutual Life Assurance Co. (South Africa) Ltd. (South Africa long- and short-term national scale ratings of zaAAA/zaA-1+).

The notes have an expected tenor of five years. Estimated proceeds of up to ZAR 1.5 billion from the issuance will partly refinance about ZAR 1 billion of debt redemptions in 2022.

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