Moody’s assigns A3(hyb) to SCOR debt

Moody's Investors Service said it assigned an A3(hyb) rating to the perpetual subordinated debt to be issued by SCOR SE, rated A1 for insurance financial strength, with a stable outlook.

The subordinated notes, which will amount to about €350 million in total, will rank pari passu with SCOR's existing subordinated debt, albeit they each rank ahead of the existing €350 million deeply subordinated notes issued in 2006, the agency said.

The A3(hyb) rating is two notches below SCOR's insurance financial strength rating, in line with Moody's standard notching practices for debts issued by (re)insurance operating companies, and reflects (a) the subordination of the bonds; (b) the optional and mandatory coupon skip mechanisms allowed under certain circumstances; and (c) the cumulative nature of deferred coupons, in the event of deferral.

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