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Prospect News home > News index > List of issuers O > Headlines for Old Mutual Life Assurance Co. (South Africa) Ltd. > News item |
S&P rates Old Mutual notes zaA+
S&P said it assigned a zaA+ South Africa national scale issue rating to the deferrable floating-rate subordinated note to be issued by Old Mutual Life Assurance Co. (South Africa) Ltd. (Omlacsa).
“To arrive at the issue rating, we first apply a one-notch downward adjustment to the BB global scale rating on Omlacsa to account for the coupon payment risk on the debt. From this, we derive the zaAA national scale rating, using our mapping specification. This captures both the payment risk and Omlacsa's stable credit profile. We then deduct two further notches to reflect the note's subordination. As a result, we rate the deferrable subordinated note zaA+, four notches below the zaAAA long-term national scale rating,” S&P explained in a press release.
The company is expected to use the proceeds for general corporate purposes.
The outlook is stable.
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