...September 27, 2024 FRANKFURT (S&P Global Ratings) Sept. 27, 2024--S&P Global Ratings today assigned its '###+' issue rating to the 50 million fixed subordinated Tier-3 notes issued by Slovenia-based insurer Sava Re (A/Stable/--). We have not assigned any equity content to the proposed notes, due to their short duration of five years. In accordance with our methodology for subordinated debt issues, we rate the notes two notches below the long-term issuer credit rating on Sava Re. The rating incorporates: - One notch to reflect the notes' subordination to Sava Re's senior creditors; and - One notch to reflect the payment risk created by the mandatory coupon deferral. Interest deferral is mandatory in the event of a breach of the minimum solvency capital requirement under Solvency II by the issuer (Sava Re) or group (Sava Insurance Group). Sava Re' solvency capital requirement remained solid at 196% at the end of the first quarter of 2024. We note that the company's Solvency II exposure to...
