S&P rates Helvetia notes BBB+

Standard & Poor’s said it assigned a BBB+ long-term issue rating to the subordinated callable perpetual notes issued by Helvetia Schweizerische Versicherungsgesellschaft AG, a core operating entity of Helvetia Insurance Group.

The rating is two notches below the long-term issuer credit rating on Helvetia, reflecting the standard notching for junior subordinated debt issues, S&P said.

The notes are guaranteed by Helvetia Holding AG, the agency said, and are notched down from the rating on the issuer because of this guarantee heightens the credit risk in the notes.

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