S&P rates Storebrand Liv notes BBB+

Standard & Poor's said it assigned a BBB+ long-term debt rating to the proposed Kr 1.5 million tier 1 notes of Storebrand Livforsikring AS (A/negative).

The notes will be callable after 10 years and its quarterly floating coupon will be based on the Norwegian interbank offered rate for three-month Norwegian krone deposits plus a margin of 400 basis points.

Proceeds will be used to help refinance the bridge loan for the acquisition of SPP Livforsakring AB.

Ratings reflect the company's robust earnings performance, strong competitive position and active investment management, the agency said.

Ratings are constrained by the execution and integration risks arising from the acquisition of SPP and from execution and competitive risks associated with the changing Norwegian regulations, S&P said.

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