TOKYO (Standard&Poor's) March 2, 2012--Standard&Poor's Ratings Services today assigned its 'A-' issue rating to Mitsui Sumitomo Insurance Co. Ltd.'s (MSI; A+/Stable/A-1) U.S. dollar-denominated subordinated bonds with interest deferral features. The total issuance amount and the coupon rate have yet to be decided; the coupon will be fixed rate until March 2022, after which it will be switched to a floating rate. The issue rating on the subordinated bonds is two notches lower than the long-term counterparty credit rating on MSI. The gap reflects subordination to senior creditors, as well as the issuer's ability to defer interest payments. The rating on MSI is based on our following views: MSI is a core operating entity of MS&AD Insurance
