S&P gives AIA notes A-

S&P said it assigned its A- long-term issue rating to the proposed dollar-denominated subordinated notes by AIA Group Ltd.

“Our issue rating is one notch below the issuer credit rating on AIA to reflect the risk related to the instrument’s subordination to higher-ranking securities and creditors. The terms and conditions for the notes have no provision for a write-down or waiver of principal and interest payments,” S&P said in a press release.

AIA expects the notes will qualify as tier-2 regulatory capital under the proposed group-wide supervision framework.

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