Fitch rates Mitsui Sumitomo notes A-

Fitch Ratings said it assigned a long-term issuer default rating of A+ to Mitsui Sumitomo Insurance Co., Ltd.

The agency also assigned an A- rating to its $1.3 billion 7% subordinated notes with interest deferral options due 15 March 2072. The company's insurer financial strength rating was affirmed at A+.

The outlook is stable.

The subordinated notes are rated two notches below the company's issuer default rating to reflect their loss absorption feature, Fitch said.

The ratings reflect the group's diversified insurance underwriting, continued recovery of the core automobile insurance business and its adequate capitalization, Fitch said.

Offsetting factors are the group's exposure to the Japanese stock market and the risk of an unexpected significant increase in estimated catastrophe losses for the financial year ended March 2012, the agency said.

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