Standard & Poor’s said the BBB junior subordinated debt rating on the €500m debt issued by Royal & SunAlliance Insurance Group was unaffected by the company’s announcement of a change in the terms and conditions.
S&P said it expected bondholders would accept the rewording and that the issue would continue to be treated as regulatory capital.
In addition, the issue will continue to qualify as hybrid equity under S&P's criteria, on the assumption that the revised terms and conditions of the issue, when finalised, are not materially different from those previously indicated to the company, it said.
