Fitch rates QBE Insurance notes BBB

Fitch Ratings said it assigned QBE Insurance Group Ltd.'s $300 million of regulatory-compliant tier 2 subordinated securities a BBB rating. The securities have been issued through QBE's note issuance program.

The notes have a maturity of 16 years and are callable after six years, subject to written approval from the Australian Prudential Regulation Authority. The notes carry a floating rate of the three-month bank bill swap rate + 3.1%.

“The subordinated securities are rated two notches below QBE's issuer default rating (IDR), comprising two notches for poor baseline recoveries and zero for minimal non-performance risk,” Fitch said in a press release.

The proceeds will be used for general corporate purposes within the group.

The outlook is stable.

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