Denmark-Based Insurer Tryg Forsikring A/S' Proposed Subordinated Notes Rated 'BBB'

OVERVIEW Danish insurance company Tryg Forsikring A/S plans to issue subordinated callable notes due in 2045. We are assigning our 'BBB' rating to the proposed notes, consistent with our criteria for rating junior subordinated instruments. We expect to classify the issue as having intermediate equity content, according to our hybrid criteria. FRANKFURT (Standard&Poor's) Oct. 26, 2015--Standard&Poor's Ratings Services today assigned its 'BBB' long-term issue rating to the proposed subordinated callable notes due in 2045 to be issued by Denmark-based Tryg Forsikring A/S (A-/Stable/--). The rating is subject to confirmation of the final terms and conditions of the issue. According to our criteria for assessing hybrid capital instruments, the rating on the notes is two notches below

...OVERVIEW Danish insurance company Tryg Forsikring A/S plans to issue subordinated callable + notes due in 2045. We are assigning our '###' rating to the proposed notes, consistent with our + criteria for rating junior subordinated instruments. We expect to classify the issue as having intermediate equity content, according + to our hybrid criteria. FRANKFURT (Standard & Poor's) Oct. 26, 2015--Standard & Poor's Ratings Services today assigned its '###' long-term issue rating to the proposed subordinated callable notes due in 2045 to be issued by Denmark-based Tryg Forsikring A/S (A- /Stable/--). The rating is subject to confirmation of the final terms and conditions of the issue. According to our criteria for assessing hybrid capital instruments, the rating on the notes is two notches below the long-term counterparty credit rating on the issuer. This reflects the notes' subordination and interest deferral features, and takes into account our understanding that: When issued, the notes will...

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