(The following was released by the rating agency)
(Editor's note: In this media release, originally published
Aug. 10, 2012, the ASEAN regional scale rating on NTUC Income
Insurance Co-operative Ltd.'s callable subordinated notes was
misstated. The ASEAN rating on the notes is 'axAA+'. The ratings
on the company and the global scale issue rating on the notes
were not affected. A corrected version follows.)
SINGAPORE (Standard & Poor's) Aug. 10, 2012--Standard &
Poor's Ratings Services today assigned its 'A+' issue rating to
the proposed Singapore dollar callable subordinated notes by
NTUC Income Insurance Co-operative Ltd. (local currency
AA-/Stable/--). At the same time, Standard & Poor's assigned its
'axAAA' long-term ASEAN regional scale rating to NTUC Income
Insurance and its 'axAA+' rating to the proposed notes.
The proposed notes will constitute direct, unsecured, and
subordinated obligations of the issuer and will rank equally
with all other subordinated obligations. The notes will be
subordinated to the claims of NTUC Income's senior creditors
(including policyholders). The proposed notes are due in 15
years and are callable in 10 years.
The one notch difference between the issue rating on the
proposed notes and the counterparty credit rating on NTUC Income
reflects the subordinated nature of the notes. Standard & Poor's
does not accord capital credit to subordinated debt and
considers it as debt in its analysis.
The rating on the subordinated notes is subject to Standard
& Poor's review of the final issuance documentation. The company
intends to use the proceeds from the proposed notes for working
capital.
The ASEAN scale ratings reflect our opinion of the overall
creditworthiness of an insurer ("obligor") to meet its financial
obligations as they come due, relative to other ASEAN
(Association of Southeast Asian Nations) obligors. An obligor
rated 'axAAA' has the highest rating assigned on Standard &
Poor's ASEAN regional scale, and has very strong capacity to
meet its financial commitments on the obligation, relative to
other ASEAN obligors.
A regional scale differs from the global and national scale
in terms of the basis of comparison. Regional scale ratings are
based primarily on credit risk comparisons within a specific
region, while global scale ratings are based on global
comparisons, and national scale ratings are based on comparison
within a domestic context. Therefore, regional scale ratings
enable relative comparison of credit risks within and across a
region.
RELATED CRITERIA AND RESEARCH
-- Rating Government-Related Entities: Methodology And
Assumptions, Dec. 9, 2010
-- Refined Methodology And Assumptions For Analyzing Insurer
Capital Adequacy Using The Risk-Based Insurance Capital Model,
June 7, 2010
-- Credit FAQ: ASEAN Regional Credit Rating Scale Explained,
May 2, 2009
-- Interactive Ratings Methodology, April 22, 2009
-- Hybrid Capital Handbook: September 2008 Edition, Sept.
15, 2008
-- Flexible Gapping Of Ratings Reflects Regional Variations
In Structural Subordination As Well As Differing Debt-Servicing
Capacities, May 25, 2005
Source: http://news.yahoo.com/text-pcorrect-p-rates-ntuc-incomes-proposed-notes-044455619--sector.html
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