S&P rates Standard Chartered notes BB-

S&P said it assigned a BB- long-term issue rating to the proposed additional tier 1 perpetual subordinated notes by Standard Chartered plc.

The agency said it assigned the rating in accordance with the criteria for hybrid capital instruments,

The rating reflects the company’s unsupported group credit profile rating of A- and notching for other features of the issue, S&P explained.

The notes have intermediate equity content based on several factors, including their regulatory tier 1 capital instruments and no coupon step-up, the agency said.

The notes can absorb losses on a going-concern basis through the principal conversion feature and the non-payment of coupons, which are fully discretionary, S&P said.

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