S&P rates Suncorp notes BBB+

S&P said it rated Suncorp Group Ltd.’s wholesale subordinated notes BBB+.

“We rate the notes three notches below Suncorp's issuer credit rating of A+, recognizing the subordination to higher ranking securities, the deferability of coupon payments, and the inclusion of a nonviability contingent capital clause,” S&P said in a press release.

The notes issue has been structured to meet regulatory requirements to fund tier 2 capital in one or more regulated group subsidiaries and for general funding purposes. The notes are scheduled to mature 15.75 years after issue with a first issuer call date of 5.75 years.

The outlook is negative.

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