Moody’s rates Fukoku life notes Baa1

Moody's Japan K.K. said it assigned a Baa1(hyb) rating to the proposed dollar-denominated perpetual step-up callable subordinated notes to be issued by Fukoku Mutual Life Insurance Co.

The outlook is stable.

The Baa1(hyb) rating takes into account the relative subordination of the noteholders to policyholders at Fukoku Life, which has an insurance financial strength rating of A2, as well as the presence of cumulative coupon deferral features in the proposed issuance.

The proposed notes will be unsecured and will be subordinated in right of payment to all senior debt, ranking pari passu among themselves and the claims of holders of kikin otherwise known as foundation funds.

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