S&P rates Triglay Insurance notes BBB+

S&P said it assigned a BBB+ long-term issue rating to the expected €50 million subordinated dated tier 2 notes to be issued by Triglav Insurance Co. plc, the core operating entity of Triglav Group.

The agency said it expects to classify the notes as having intermediate equity content.

The rating on the proposed notes is two notches lower than the long-term issuer credit rating on Triglav, reflecting a standard approach for rating subordinated debt issues.

The notes are subordinated to Triglav's policy holders and senior creditors, S&P noted, and the issuer can choose to defer interest as long as the issuer has not declared or made a dividend or other payment on a more junior security in the previous six months.

The company's financial leverage is expected to increase to about 7% in 2019 to 2020, S&P said.

But the company still has considerable debt capacity, if needed, S&P said.

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