S&P rates NTUC Income notes AA-

S&P said it assigned an A rating to NTUC Income Insurance Co-operative Ltd.’s planned subordinated hybrid notes.

The A rating on the proposed subordinated notes reflect the standard two-notch difference between the issue rating on the proposed notes and NTUC Income’s issuer rating of AA-, S&P said.

“NTUC Income’s proposed subordinated hybrid issuance will help restore its capital buffers, which have been dented by volatile capital market conditions. But we believe the insurer’s heightening financial obligations will weaken its credit profile,” S&P said in a press release.

The agency affirmed NTUC Income’s AA- ratings and the A+ rating on its subordinated debt.

The outlook is stable.

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