Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3 (8 lettori)
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Deutsche bank revises guidance for us dollar perpetual non-call six-year bond to 6.25% to 6.375% - source
deutsche bank revises guidance for sterling perpetual non-call 12-year bond to 7.125% to 7.25% - source
deutsche bank revises guidance for euro perpetual non-call eight-year bond to 6% to 6.125% - source
deutsche bank revises guidance for sterling perpetual non-call 12-year bond to 7.125% to 7.25% - source
deutsche bank revises guidance for euro perpetual non-call eight-year bond to 6% to 6.125% - source
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Rating Action: Moody's upgrades Scottish Widows' and Clerical Medical's subordinated debt ratings to Baa1(hyb); outlook stable
Global Credit Research - 06 May 2014
Upgrade follows rating action on Lloyds Bank
London, 06 May 2014 -- Moody's Investors Service has today upgraded Scottish Widows plc (Scottish Widows, SW) and Clerical Medical Finance plc (Clerical Medical)'s subordinated debt ratings to Baa1(hyb) from Baa2(hyb). Moody's affirmed Scottish Widows' and Clerical Medical Investment Group Limited (CM)'s insurance financial strength ratings at A2. The outlook on all these ratings is stable.
RATINGS RATIONALE
The upgrade on Scottish Widows' and Clerical Medical's subordinated debt ratings to Baa1(hyb) follows the rating action on Lloyds Bank Plc's subordinated debt ratings. The upgrade reflects the improvement in Lloyds Bank's credit quality which in Moody's view leads to a reduced risk of further parental ownership constraints from our current expectations. As a result, the notching on the insurance debt ratings has reverted to a standard two notches from the previous three notches in relation to the insurance companies' IFSRs. For more details on the upgrade on Lloyds Bank's ratings, please refer to the banking press release: "Moody's upgrades Lloyds Bank's issuer and deposit ratings to A1; outlook negative"
SW's and CM's A2 IFSRs continue to be above Lloyds Bank's baa1 baseline standalone assessment and reflect the insurance group's strong market position in the UK life market and its diversified business profile. The A2 IFSRs, which remain one notch below the stand-alone ratings of the insurance operations, also include our expectation that the insurance group will continue to pay meaningful dividends to its parent bank above the insurer's target buffer capital, defined as being able to stand a one in ten year stress event. Nevertheless, Scottish Widows' underlying operating performance has been under some pressure in recent years, which we believe is likely to continue in light of the significant regulatory and political headwinds in the UK life market.
STABLE OUTLOOK
The stable outlook on the IFSRs and subordinated debt ratings is aligned with the stable outlook of Lloyds Bank's subordinated debt ratings.
What Could Change the Rating - Up
Positive rating pressure on Scottish Widows and Clerical Medical's ratings could occur from (1) an upgrade of Lloyds Bank's BCA, (2) a MASC ratio consistently above 3.5x with an excellent quality of capital (Moody's metric for UK life insurer solvency), (3) sustained interest coverage of over 8 times, or (4) substantial improvement in underlying profitability with a return on capital above 8%.
What Could Change the Rating -- Down
Conversely, Moody's noted that negative rating pressure in the future at Scottish Widows could arise from (1) a downgrade of Lloyds Bank's BCA, (2) a material deterioration in the capitalisation and/or quality of the capital of the consolidated group with a MASC below 2.0 times, (3) earnings coverage consistently below 6 times, (4) a return on capital consistently below 4.0%, or (5) a material reduction in market share in the UK Life & Pension market.
The following ratings were upgraded with stable outlook:
Scottish Widows plc - Subordinated notes upgraded to Baa1 (hyb) from Baa2(hyb)
Scottish Widows plc -- Junior Subordinated notes upgraded to Baa1 (hyb) from Baa2(hyb)
Clerical Medical Finance plc -- Backed Junior Subordinated notes upgraded to Baa1 (hyb) from Baa2(hyb)
The following ratings were affirmed with a stable outlook:
Scottish Widows plc -- Insurance Financial Strength Rating A2
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