S&P rates Storebrand notes BBB+

S&P said it assigned its BBB+ issue rating to the Norwegian krone (NOK) 1.25 billion floating-rate and NOK 750 million fixed-to-floating-rate, subordinated tier 2 notes issued on Nov. 8, by Storebrand Livsforsikring AS.

The agency said it deducted a notch from the issuer rating for subordination to policy holders and senior credits and another notch for the option to defer interest payments or redeem the notes on or after the first call date in 2027.

Storebrand Livsforsikring plans to use the proceeds to repurchase or refinance its debt callable in 2023. Additionally, an amount equal to the net proceeds will be used to finance or refinance, in whole or in part, the green assets as eligible under the issuer’s green bond framework.

The outlook is stable.

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