S&P: La Mondiale notes BBB-

Standard & Poor's said it assigned a BBB- long-term issue rating to the proposed fixed- to floating-rate subordinated notes to be issued by La Mondiale.

The rating is two notches below the BBB counterparty credit rating on La Mondiale, reflecting the agency's standard notching for junior subordinated debt issues, S&P said.

The agency said it understands that La Mondiale plans to issue these notes to set up an exchange offer to holders of its outstanding €400 million undated subordinated fixed- to floating-rate notes.

Its debt leverage ratio is expected to increase, S&P said, but is expected to remain in line with the issuer credit rating on the company.

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