Fitch Assigns 'BBB' Rating to QBE Insurance's AU$750 Million Tier 2 Subordinated Notes

MT Newswires Live09-06

Fitch Ratings on Thursday assigned a "BBB" rating to QBE Insurance Group's (ASX:QBE) AU$750 million Tier 2 subordinated notes.

The securities are rated two notches below QBE's issuer default rating, comprising two notches for "Poor" baseline recoveries and zero for "Minimal" non-performance risk.

The application of "Poor" recoveries reflects the rating agency's assumptions that should the company be wound up, the issuer's payment obligations under the securities rank behind all senior creditors, but ahead of ordinary shares and additional Tier 1 securities, Fitch said in its rating action commentary.

The insurer's shares rose past 1% in recent Friday trade.

Price (AUD): $16.24, Change: $+0.19, Percent Change: +1.18%

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