S&P rates AIA notes A-

S&P said it assigned its A- long-term issue rating to dollar-denominated subordinated securities that AIA Group Ltd. plans to issue. The issuance is a drawdown from AIA's $16 billion medium-term note program.

The A- issue rating on the securities is two notches lower than the issuer credit rating on AIA Group Ltd. S&P said it deducted a notch for the subordination and another to reflect the payment risk in case of a mandatory and coupon-deferral at maturity.

The proceeds will be used for general corporate purposes.

The outlook is stable.

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