Fitch rates SCOR notes A

Fitch Ratings said it assigned a subordinated notes rating of A to SCOR SE’s subordinated notes.

The notes are rated two notches below SCOR’s long-term issuer default rating to reflect their subordination and loss-absorption features, in line with the agency’s notching criteria, Fitch said.

The proceeds will be used for general corporate purposes, including the call of the balance of the issuer’s dollar-denominated subordinated step-up floating-rate notes due 2029 and of the euro-denominated subordinated step-up floating-rate notes due 2020, the agency said.

This subordinated bond is classified as 100% capital due to regulatory override within the agency’s risk-based capital assessment and is classified as 100% debt for the agency’s financial leverage calculations, Fitch said.

The company’s financial leverage and fixed-charge coverage are commensurate with SCOR’s rating category, the agency added.

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