S&P rates PartnerRe notes A-

S&P said it assigned an A- rating to PartnerRe Ltd.'s $500 million 3.7% senior unsecured notes due 2029.

PartnerRe intends to use the net proceeds to repay the outstanding senior debt due 2020.

The notes are issued by PartnerRe Finance B LLC, a finance subsidiary without other material business activities, S&P said, and are fully and unconditionally guaranteed by the ultimate holding company, PartnerRe.

The notes rank pari passu to all outstanding and future unsecured and senior debt of PartnerRe, the agency said.

S&P said it expects the notes to receive tier 3 capital treatment under the Bermuda Monetary Authority's capital requirement rules.

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