Fitch Ratings assigned ClearView Wealth's (ASX:CVW) tier 2 subordinated securities a "BB+" rating, the credit ratings agency said Thursday.
The notes have a maturity of 10 years, carry a floating rate of the three-month bank bill swap rate plus 3.5%, and are callable after five years, subject to prior written approval from the Australian Prudential Regulation Authority.
The subordinated notes represent ClearView's direct, unsecured, and subordinated obligations and are rated two notches below ClearView's issuer default rating of "BBB."
The firm's ratings reflect a "moderate" company profile compared with other Australian insurers, "very strong" capitalization and leverage, as well as "good" financial performance and earnings.
The notes are treated as 100% debt in Fitch's financial-leverage ratio calculation because they are a dated instrument. The financial-leverage ratio is expected to increase on a pro forma basis after the securities issue but remain commensurate with its rating category over the medium term.
ClearView's shares fell 2% in recent trading on Thursday.
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