MELBOURNE (Standard&Poor's) Nov. 12, 2015—Standard&Poor's Ratings Services said today that it has assigned its long-term issue credit rating of 'BBB+' to AAI Ltd.'s (AAIL; A+/Stable/--) proposed Tier 2 notes (notes). AAIL is a wholly-owned core operating subsidiary of Suncorp Group Ltd. (SGL; A/Stable/--) and the group's primary Australian non-life insurer. The notes will raise A$225 million for general funding purposes and will qualify as Tier 2 regulatory capital. They are scheduled to mature in 25 years, with a minimum issuer call date of 5 years. We rate the notes three notches below the issuer credit rating of 'A+' on AAIL, reflecting: their subordination to higher ranking securities and creditors; risk of coupon deferability; and a non-viability
