S&P rates Storebrand notes BBB-

S&P said it assigned its BBB- issue rating to the estimated Swedish krona (SEK) 900 million of restricted tier 1 subordinated callable notes issued by Storebrand Livsforsikring AS.

To arrive at the rating, the agency said it deducted three notches from Storebrand’s A- rating. The agency subtracted a notch for subordination, another for the risk of a potential write-down of the principal and a notch for the payment risk created by the mandatory and optional coupon-cancellation features.

Storebrand plans to use the proceeds for general corporate purposes.

The outlook is stable.

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