S&P rates SCOR notes A-

Standard & Poor’s said it assigned an A- long-term issue rating to the two tranches of perpetual subordinated resettable notes to be issued by SCOR SE.

SCOR intends to issue one tranche in euros and the other in Swiss francs.

The rating on the notes is two notches below the long-term issuer credit rating on SCOR, S&P said.

The ratings reflect an understanding that the holders of the notes will be subordinated to SCOR’s senior creditors, the agency said, and a view of SCOR’s option to defer interest if the company has made no dividend in any form or repurchase on ordinary or preference shares in the prior six-month period.

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