S&P rates Qatar Insurance notes BBB+

S&P said it gave a BBB+ rating to QIC (Cayman) Ltd.’s planned tier 2 subordinated notes. QIC is a subsidiary of Qatar Insurance Co., which will guarantee the notes.

The agency said it based the rating on Qatar Insurance’s issuer rating and deducted a notch for subordination and another for interest-deferral features.

The proceeds are expected be used to repurchase the subordinated notes issued by Qatar Reinsurance Co. Ltd. and due to be redeemed in the second half of 2022.

The outlook is negative.

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