Moody’s rates PartnerRe notes Baa1

Moody’s Investors Service said it assigned a Baa1(hyb) rating to $500 million of guaranteed junior subordinated notes issued by PartnerRe Finance B LLC, a debt financing subsidiary of PartnerRe Ltd.

The junior subordinated notes are fully and unconditionally guaranteed on a junior subordinated basis by PartnerRe Ltd. Moody’s rates the shelf from which the securities will be sold (P) A3.

Proceeds are expected to be used for general corporate purposes, including the repayment or redemption of PartnerRe’s series F preferred shares. The guaranteed junior subordinated notes mature in 2050 and are redeemable by the issuer after 10 years under certain conditions.

“Giving effect to the proposed issuance and the planned redemption of $67 million of outstanding Series F preferred shares, PartnerRe’s pro forma adjusted financial leverage as of June 30, 2020 would increase to around 25% from approximately 22.2%, in line with expectations,” Moody’s said in a press release.

The outlook for PartnerRe’s ratings is stable.

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