Moody’s assigns Swiss Re Finance notes A3

Moody’s Investors Service said it assigned an A3(hyb) rating to the €800 million guaranteed subordinated fixed-rate reset notes due 2052 and callable from 2032 to be issued by Swiss Re Finance (UK) plc. Swiss Re Ltd. will guarantee the notes.

The A3(hyb) rating is consistent with Moody’s standard notching practice for debts issued or guaranteed by insurance holding companies of groups domiciled in locations with enhanced regulatory supervision at a group-wide level and is rated three-notches below Swiss Reinsurance Co. Ltd. Aa3 insurance financial strength rating, the agency said.

Proceeds will be used for general corporate purposes.

Swiss plans to use the notes as regulatory capital under the Swiss insurance solvency regulations. The hybrid features will result in some equity credit under Moody’s debt-equity continuum based on the notes’ maturity, interest deferral features and subordination, the agency said.

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