S&P gives La Mondiale notes BBB

S&P said it assigned a BBB long-term issue rating to the proposed subordinated notes announced La Mondiale.

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

The agency classified the notes as having intermediate equity content.

“We estimate the company's debt leverage and interest charge cover will remain in line with our adequate assessment of AG2R La Mondiale's financial flexibility,” S&P said in a news release.

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