S&P gives BB+ to If P&C Insurance notes

S&P said it assigned its BB+ issue rating to the restricted tier 1 notes proposed by If P&C Insurance Holding.

If P&C Insurance Holding is the nonoperating holding company of Sweden-based If P&C Insurance Ltd. (publ) (A+/stable/--). The ratings on If P&C Insurance Holding are two notches below the ratings on the core entity, reflecting S&P’s view of the ongoing subordination of If P&C Insurance Holding's creditors.

Nonoperating holding company Sampo plc (A-/stable/--) is the ultimate parent of If P&C Insurance Holding.

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