A.M. Best Co. has assigned a rating of “a+” to the £500 million ($986.5 million) perpetual step up-loan notes issued by ELM B.V., which it described as a “bankruptcy remote repackaging vehicle based in the Netherlands.” The notes are also secured over perpetual subordinated step-up loan notes issued by Swiss Reinsurance Company.
“The rating of this instrument reflects its deeply subordinated nature and the financial strength of the collateral obligor and guarantor, respectively,” said Best.
The rating agency also indicated it would “credit these hybrid securities up to a limit of 20 percent of total adjusted capital.”
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