Fitch rates ageas notes BBB+

Fitch Ratings said it assigned a BBB+ rating to ageas SA/NV's proposed dated subordinated tier 2 notes.

The notes are rated two notches lower than the company's issuer default rating, comprising one notch for expected recovery and one for moderate non-performance risk, Fitch said.

The notes will be issued by ageas SA/NV, the operating holding company of the ageas Group, with a fixed coupon, a maturity of 30 years and a call date 10 years after the issue, the agency explained.

The issue will rank junior to the company's unsecured unsubordinated obligations, Fitch noted.

This level of subordination is reflected in the below average baseline recovery assumption for the issue, the agency said.

Fitch said it views the proposed issue as neutral to the company's capital adequacy and will only have a marginal impact on its financial debt leverage as it is replacing $550 million of perpetual subordinated debt issued by subsidiary, AG Insurance.

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