Moody's: QBE negative

Moody's Investors Service said it affirmed its A3 issuer and senior debt ratings for QBE Insurance Group Ltd., as well as its hybrid Baa1 ratings of the subordinated debt of QBE Funding III & IV Ltd. and its hybrid Baa2 ratings of the non-cumulative preferred stock of QBE Capital Funding II & IV.

The outlook was revised to negative from stable, reflecting an increasingly aggressive financial leverage profile and acquisition-based intangible assets, among other considerations, Moody's said.

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