S&P rates SCOR notes A

Standard & Poor’s said it assigned an A long-term issue rating to the proposed dated subordinated resettable notes to be issued by global reinsurer SCOR SE.

The rating on the notes is two notches below the company’s long-term issuer credit rating, reflecting an understanding that the holders of the notes will be subordinated to SCOR’s senior creditors, S&P said.

The rating on the notes also considers 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, the agency said.

In addition, interest deferral is mandatory if a solvency event has occurred, S&P said.

The notes have a scheduled maturity in 2047 and are callable annually from 2027, subject to the conditions of repayment, including approval from the insurance regulator, the agency said.

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