S&P rates Great Eastern notes A

S&P said it assigned an A long-term issue rating to the Great Eastern Life Assurance Co. Ltd.'s planned sale of Singapore dollar-denominated callable subordinated notes.

The proposed issue has a legal maturity of April 2039, with an issuer option to redeem from April 2034. The notes are expected to qualify as tier 2 capital.

The rating is based on Great Eastern’s AA issuer rating. S&P said it then subtracts a notch for subordination and another for the ability to defer interest payments without triggering a default.

The outlook is stable.

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