S&P rates Suncorp notes BBB+

S&P said it assigned a BBB+ long-term issue credit rating to Suncorp Group Ltd.'s proposed tier 2 notes.

The group will issue the notes, which will qualify as tier 2 regulatory capital for general funding purposes, S&P noted.

The notes are scheduled to mature in 10.25 years after issue with a minimum issuer call date of 5.25 years, the agency said.

The notes are rated two notches lower than the issuer credit rating of A, reflecting the subordination to higher ranking securities and the inclusion of a non-viability contingent capital clause, S&P said.

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