S&P rates Ageas notes BBB+

S&P said it assigned a BBB+ rating to the subordinated notes that Ageas SA/NV intends to issue.

The notes will have a 30-year tenor and will be callable after 10 years.

The agency said it derived the rating using a minimum notching for subordinated debt issues, which is two notches lower than the long-term issuer credit rating on Ageas.

S&P said it analyzed and rated the proposed debt issue on the understanding that the note holders will be subordinated to senior creditors and that interest deferral can occur at the option of the issuer.

The agency said it expects to classify the notes as having intermediate equity content, mainly because of the issuer's discretion to defer interest and the notes' subordination and permanence.

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