Moody’s upgrades QBE

Moody's Investors Service said it upgraded the debt ratings of QBE Insurance Group Ltd., QBE Capital Funding III Ltd. and QBE Capital Funding IV Ltd.

Specifically, the agency upgraded QBE’s issuer rating to A3 from Baa1, senior unsecured medium-term note program to provisional A3 from provisional Baa1, subordinate rating to Baa1 (hyb) from Baa2 (hyb), subordinate medium-term note program to provisional Baa1 from provisional Baa2, preferred stock noncumulative to Baa2 (hyb) from Baa3 (hyb) and preference stock medium-term note program to provisional Baa2 from provisional Baa3.

The outlook is negative.

Moody’s said the action follows the May 20 publication of a new cross sector methodology for assigning instrument ratings for insurers. In this methodology, the agency modified its guidance for rating certain insurance holding company instruments, and specifically now applies narrower notching for certain insurance groups domiciled in locations with enhanced regulatory supervision at a group-wide level.

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