S&P assigns PartnerRe notes BBB

S&P said it assigned its BBB issue-level rating to PartnerRe Ltd.'s $500 million of 4.5% fixed-rate reset junior subordinated notes due 2050. The notes are issued by PartnerRe Finance B LLC, a finance subsidiary, and are guaranteed on a junior subordinated basis by PartnerRe Ltd.

“Our issue-level rating is two notches below our long-term issuer credit rating on PRE. This reflects the subordination and deferability of interest payments. These notes are contractually subordinated to policyholders' obligations of PRE's insurance subsidiaries, and to all existing and future unsecured senior debt of PRE. The notes rank equal to all future unsecured and junior subordinated debt of PRE,” S&P said in a press release.

PartnerRe intends to use the proceeds for general corporate purposes, including for the repayment or redemption of preferred shares.

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