Suncorp?s Proposed Convertible Preference Shares Issue Rated 'A-' May 08
- ID: 1953549
- May 2008
- Standard & Poors
MELBOURNE (Standard & Poor's) May 7, 2008--Standard & Poor's Ratings Services today said it had assigned its 'A-' rating on the proposed A$325 million convertible preference shares (CPS; with the ability to accept oversubscriptions for up to A$75 million) issued by Suncorp-Metway Ltd. (Suncorp; A+/Positive/A-1). The issue rating is two notches below the issuer credit rating on Suncorp, reflecting the debt issue's equity-like features of no fixed maturity date, and payment deferral, as well as its subordination to other obligations. Standard & Poor's regards these securities as a "Category 2 – Strong" hybrid instruments that have intermediate equity content. The Suncorp rating and outlook continue to reflect the bank's core status within the Suncorp Metway group of companies. Suncorp's integration...
Companies mentioned in this report are:
- Suncorp-Metway Ltd.
- Suncorp Metway Insurance Ltd.
Action: New Rating
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Research type: News
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