S&P gives Uniqua notes BBB

S&P said it assigned Uniqa Insurance Group AG’s planned junior subordinated notes with an expected tenor of 20 years a BBB rating.

“The rating on the proposed notes will be two notches below our A- long-term issuer credit rating on Uniqa. This reflects our standard approach for rating subordinated debt issues. We believe two notches are sufficient to reflect the payment risk and subordination on these notes,” S&P said in a press release.

Uniqua will use the proceeds to finance or refinance eligible assets as defined by its green bond framework, up to the principal amount.

“We understand that Uniqa plans to issue these notes as part of its announced debt liability management. In particular, Uniqa would use the proceeds of new issuance to simultaneously buy back the commensurate amount of its hybrids issued in 2013 and 2015,” the agency added.

The outlook is stable.

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