Fitch rates Munich Re notes A

Fitch Ratings said it assigned Munich Reinsurance Co.'s proposed issue of dated fixed- to floating-rate subordinated tier 2 green notes a rating of A.

“The notes are rated two notches below Munich Re's long-term issuer default rating (IDR) of AA-, which has a stable outlook, to reflect their subordination and loss-absorption features, in line with Fitch's notching criteria,” the agency said in a press release.

The proceeds will be used to finance or refinance, in whole or in part, existing and, or future eligible projects that meet the eligibility criteria defined in the green bond framework of Munich Re, Fitch said.

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