S&P gives BBB- to La Mondiale notes

Standard & Poor's said it assigned its BBB- long-term issue rating to the proposed junior subordinated fixed-rate perpetual notes to be issued by La Mondiale (BBB+/positive/--).

La Mondiale is a core entity of the SGAM AG2R La Mondiale insurance group.

The rating is two notches below La Mondiale’s counterparty credit rating, reflecting the agency’s standard notching for junior subordinated debt issues.

S&P analyzed and rated the proposed debt issue on the understanding that, when issued, the notes will be subordinated to senior creditors and deferrable.

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