PRESS RELEASE: Fitch: ASR Nederland Capital Sec Expected BBB+
Fitch Ratings-Paris/London-17 July 2009: Fitch Ratings has today assigned ASR Nederland N.V.'s new euro-denominated perpetual capital securities issue (new capital securities) and Tier 1 perpetual capital securities (comparable securities), which have comparable terms to the Fortis Trust Capital Securities hybrid capital debt, expected ratings of 'BBB+'. All payments in respect of both securities are expected to be unconditionally and irrevocably guaranteed on a subordinated basis by ASR Levensverzekering N.V. (rated IFS 'A' and IDR 'A-', both with Negative Outlook).
The final ratings are contingent on the receipt of final documents conforming materially to information already received and the success of the exchange process.Fitch expects the notes to be proposed as an exchange for the EUR650m Fortis Trust Capital Securities hybrid capital debt (rated 'BBB+').
The up to EUR650m new capital securities notes are expected to pay a fixed-to- floating-rate coupon on the EUR600m part offered to institutional investors, and to be perpetual with a call date in July 2019 followed by a coupon reset if the debt is not called. The remaining EUR50m part offered to the retail investors is expected to pay a fixed rate coupon and to be perpetual with a call date in July 2019 without any step-up. The debt is expected to have non-cash cumulative interest deferral features.
The up to EUR650m comparable securities notes are expected to pay a floating coupon on the EUR600m part offered to institutional investors, and a fixed coupon on the EUR50m remaining part offered to the retail investors. The notes are expected to be perpetual while callable and to have non-cash cumulative interest deferral features.
Based on the interest deferral, permanence and subordinated features, equity credit of 75% is expected to be assigned to both the comparable and the new capital securities in accordance with Fitch's published criteria for hybrid instruments.
The agency does not expect the new debt to have material impact on the Fitch calculated leverage ratio of ASR Nederland which, at 17% at YE08, is compatible with the current rating level.
SEMBRA CHE QUESTA NUOVA EMISSIONE SIA EU3M + 2,30
Sarebbe interessante verificare che valore gli darà il mercato ...
Non ho trovato nè ISIN nè altro
