S&P assigns BBB to Storebrand notes

S&P said it assigned its BBB long-term issue rating to Storebrand Livsforsikring AS' Norwegian krone/Swedish krona 1 billion of restricted tier 1 (RT1), noncumulative, callable bonds.

Storebrand will sell three tranches, two in krone and one in krona. One krone tranche will have a fixed rate of 7.63% and another at a floating rate of the three-month Norwegian Interbank Offered Rate (Nibor) plus 3.45%. The krona tranche will have a floating rate of the three-month Stockholm Interbank Offered Rate (Stibor) plus 3.45%.

The rating is three notches below Storebrand’s issuer credit rating. The agency said it subtracts a notch for subordination, a notch for the risk of a possible write-down and another for the risk of mandatory and optional coupon cancellation features.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.