S&P: ASR Nederland notes BB

S&P said it assigned a BB long-term issue credit rating to the restricted tier 1 (RT1) notes to be issued by ASR Nederland NV, holding company of ASR Group.

The rating on the bonds is four notches lower than the long-term issuer credit rating on ASR Nederland NV, one notch to reflect the notes' subordinated status to senior bondholders, one notch to reflect the risk of potential conversion to equity and loss of principal and two notches to reflect the mandatory and optional interest cancellation features, the agency said.

As the group's regulatory capital position evolves, the notching on these instruments could be altered to reflect changes in the likelihood of default, S&P said.

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