Fitch rates Sumitomo Life bonds A-

Fitch Ratings said it assigned Sumitomo Life Insurance Co.'s $920 million of 3.375% step-up callable subordinated notes with interest-deferral options due 2081 an A- rating. The notes are callable after 10 years from the issuance, at which point there would be a fixed rate with a coupon step-up feature.

“The issuance ranks pari passu with Sumitomo Life's outstanding Fitch-rated U.S. dollar subordinated notes and is rated at the same level as the outstanding notes,” the agency said in a press release.

Sumitomo Life plans to use the proceeds for general corporate purposes.

The outlook is stable.

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