Moody’s gives NN Group bonds Baa3(hyb)

Moody's Investors Service said it assigned a Baa3(hyb) rating to the undated subordinated bonds to be issued by NN Group NV.

The Baa3(hyb) rating is one notch below NN Group's Baa2 issuer rating, in line with Moody's standard notching practices for debts issued by insurance holding companies, and reflects (a) the subordination of the bonds; (b) the optional and mandatory weak coupon deferral mechanisms; and (c) the cumulative nature of deferred coupons, in case of deferral.

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