Moody’s: Standard Life Aberdeen bond Baa1 (hyb)

Moody's Investors Service said it assigned a Baa1 (hyb) rating to the proposed dollar-denominated Tier 2 subordinated bond to be issued by Standard Life Aberdeen plc (long-term issuer A3, stable).

The terms and conditions of the securities have been defined so as to qualify them for treatment as Tier 2 capital under Solvency II.

Moody’s said the proposed Baa1 (hyb) rating is consistent with its standard notching practices for debts issued by asset management companies, and reflects: (a) The subordination of the bond; (b) the optional and mandatory (based on breach of regulatory capital requirements) coupon deferral mechanisms; and (c) the cumulative nature of deferred coupons, in case of deferral.

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