A.M. Best Assigns Rating to SCOR S.E.’s Subordinated Notes

LONDON--()--A.M. Best has assigned an issue rating of “a-” to the EUR 600 million fixed to reset rate subordinated notes due 2046 issued on 7 December 2015 by SCOR S.E. (SCOR) (France). The assigned outlook is positive.

The subordinated notes will pay a fixed annual coupon of 3.00% per annum through to their first call date on 8 June 2026, payable annually in arrear. The coupon will thereafter be reset every 10 years at the prevailing 10-year swap rate plus 3.25% per annum.

The net proceeds of the issue are expected to be used to refinance the CHF 650 million 5.375% fixed to floating rate undated subordinated notes callable in August 2016, subject to market conditions and regulatory approval, and for general corporate purposes.

SCOR’s financial ratios are expected to remain within tolerance for its rating, and A.M. Best will continue to monitor the company’s interest coverage and leverage ratios.

The subordinated notes’ rating is two notches down from SCOR’s issuer credit rating, reflecting the fact that they are subordinated to Scor’s senior creditors, but senior to any of the company’s deeply subordinated obligations.

In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Ghislain Le Cam, CFA, +(44) 20 7397 0268
Associate Director, Analytics
ghislain.lecam@ambest.com
or
Christopher Sharkey, +(1) 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Mahesh Mistry, +(44) 20 7397 0325
Director, Analytics
mahesh.mistry@ambest.com
or
Jim Peavy, +(1) 908 439 2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Ghislain Le Cam, CFA, +(44) 20 7397 0268
Associate Director, Analytics
ghislain.lecam@ambest.com
or
Christopher Sharkey, +(1) 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Mahesh Mistry, +(44) 20 7397 0325
Director, Analytics
mahesh.mistry@ambest.com
or
Jim Peavy, +(1) 908 439 2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com