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Moody's ups Aegon notes, rates notes Baa1
Moody's Investors Service said it assigned a Baa1(hyb) rating with a stable outlook to the €700 million fixed-to-floating 4% subordinated notes issued by Aegon NV under its $6 billion euro medium-term note program.
At the same time, the agency upgraded Aegon's subordinated medium-term note rating to provisional Baa1 from provisional Baa2 and affirmed the junior subordinated medium-term note rating at provisional Baa2.
Moody's said the Baa1(hyb) rating reflects (a) the subordination of the bonds; (b) the optional and mandatory weak coupon skip mechanisms; and (c) the cumulative nature of deferred coupons, in case of deferral.
The notes also give Aegon the option to convert, exchange or substitute the notes, or vary the terms of the notes in certain circumstances, notably in a situation when the notes cease to qualify as regulatory capital, and more precisely, under Solvency II, where own funds are subdivided in tiers, as tier 2 basic own funds, the agency said.
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