ข่าวประชาสัมพันธ์เศรษฐกิจ/การเงิน

Hanwha General Insurance Co. Ltd.’s Proposed Subordinated Securities Rated ‘A-‘

          HONG KONG (S&P Global Ratings) Sept. 14, 2018--S&P Global Ratings today said that it has assigned its 'A-' long-term issue rating to the proposed U.S. dollar-denominated, tier II, subordinated securities to be issued by Hanwha General Insurance Co. Ltd. (HGI, A/Stable/--). The subordinated issue has a 10-year maturity date and minimum issuer call date of five years. The issue will qualify as regulatory supplementary capital and strengthen HGI's solvency position. The rating is subject to our review of the final issuance documentation.
          Our 'A-' issue rating is one notch below the issuer credit rating on HGI to reflect the risk related to the instrument's subordination to higher ranking securities, creditors, or policyholders. There is no provision under the terms and conditions for a write-down or waiver of principal and interest payments. We assess the instrument to have no equity content, reflecting the relatively short tenor and debt-like characteristics. Accordingly, we don't include the notes in our calculation for HGI's total adjusted capital. 
          We consider HGI to be an integral and material subsidiary of Hanwha Life Insurance Co. Ltd. HGI strengthens the business diversity and stability of the insurance group. As a core subsidiary of the group, HGI is likely to receive extraordinary support when needed, including for its proposed issue, in our view.