Moody’s: Sumitomo Life notes A3 (hyb)

Moody's Japan K.K. said it assigned an A3 (hyb) rating to the dollar-denominated 60-year step-up callable subordinated notes to be issued by Sumitomo Life Insurance Co.

The outlook is stable.

Moody’s said the A3 (hyb) rating takes into account the relative subordination of the noteholders to policyholders at Sumitomo Life – which has an insurance financial strength rating of A1 – and the presence of cumulative coupon deferral features in the proposed issuance.

The proposed notes will be unsecured and will be subordinated in right of payment to all senior debt, ranking pari passu among themselves and the claims of holders of foundation funds, or kikin, the agency explained.

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