Fitch Rates QBE Insurance Group's Subordinated Notes at BBB

MT Newswires Live09-06

Fitch Ratings has given a BBB rating to QBE Insurance Group's (ASX:QBE) AU$750 million tier 2 subordinated securities, according to a Thursday release.

The notes are two notches below the company's issuer default rating, composed of two notches for "poor" baseline recoveries and zero for "minimal" nonperformance risk.

The notching for "poor" recoveries considers Fitch's view of holding company-issued subordinated debt, with payment obligations ranking behind all senior creditors.

The "minimal" nonperformance risk notching reflects features that include the non-deferral of interest payments and the notes' conversion to equity if the company becomes non-viable, with the latter unlikely to happen, Fitch said.

The insurer's rating reflects its strong capitalization and leverage, favorable company profile and strong financial performance and earnings.

Price (AUD): $16.29, Change: $+0.24, Percent Change: +1.50%

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