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Moody’s assigns Ba1 to FWD notes
Moody’s Ratings said it assigned a Ba1 rating to FWD Group Holdings Ltd. junior subordinated notes due 2029.
“The Ba1 rating on the junior subordinated notes due 2029 is positioned two notches below FWD Group’s Baa2 issuer rating, to reflect the fact that these securities will rank behind senior and subordinated debt obligations, rank pari passu with preference shares and are only senior to ordinary shares. The two-notch difference between FWD Group’s Baa2 senior unsecured rating and the junior subordinated notes’ rating is in line with Moody’s typical notching guidance for debts ranking pari passu with preferred securities.
“The notes are expected to qualify as tier 2 group capital, FWD Group under the Hong Kong Insurance Authority’s Insurance (Group Capital) Rules under transitional arrangements upon repayment of the existing $900 million junior subordinated debt due 2024,” Moody’s said in a press release.
The proceeds are expected to be used for refinancing.
The outlook is positive.
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