Slovenian Insurer Sava Re's Proposed Junior Subordinated, Deferrable Notes Rated 'BBB+'

Sava Re, a core company of Sava Insurance Group, plans to issue junior subordinated, deferrable notes to fund general corporate purposes. We are assigning our 'BBB+' rating to the proposed notes. We expect to classify the proposed notes as having intermediate equity content. FRANKFURT (S&P Global Ratings) Oct. 7, 2019--S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the proposed subordinated dated Tier 2 notes to be issued by Sava Re d.d. (A/Stable/--), the core operating entity of Slovenia-based Sava Insurance Group. The rating on the proposed notes is subject to confirmation following our receipt of the final terms and conditions. We expect to classify the notes as having intermediate equity content. The issue rating on the proposed

...October 7, 2019 - Sava Re, a core company of Sava Insurance Group, plans to issue junior subordinated, deferrable notes to fund general corporate purposes. - We are assigning our '###+' rating to the proposed notes. - We expect to classify the proposed notes as having intermediate equity content. FRANKFURT (S&P Global Ratings) Oct. 7, 2019--S&P Global Ratings today assigned its '###+' long-term issue rating to the proposed subordinated dated Tier 2 notes to be issued by Sava Re d.d. (A/Stable/--), the core operating entity of Slovenia-based Sava Insurance Group. The rating on the proposed notes is subject to confirmation following our receipt of the final terms and conditions. We expect to classify the notes as having intermediate equity content. The issue rating on the proposed notes is two notches below the long-term issuer credit rating on Sava. This reflects our standard approach for rating subordinated debt issues. The solvency ratios of the issuer and the consolidated group stood...

Ratings Action