Moody’s rates PartnerRe notes A3

Moody's Investors Service said it affirmed the ratings of PartnerRe Ltd., including its preferred stock rating of Baa2(hyb).

Moody's also assigned an A3 rating to $500 million of 3.7% guaranteed senior notes to be issued by PartnerRe Finance B LLC.

Partner Re intends to use net proceeds from the offering to redeem $500 million of outstanding debt issued by PartnerRe Finance B.

The outlook is stable.

The guaranteed notes mature in 2029 and are redeemable by the issuer after three years under certain conditions.

The notes are fully and unconditionally guaranteed on a senior unsecured basis by PartnerRe.

Moody's said PartnerRe's ratings reflect the group's leadership position in specialty reinsurance lines, its broad international presence and operational platform as well as its diversified book of business across a broad range of exposure classes, including life and health reinsurance.

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