Fitch rates Munich Re notes A

Fitch Ratings said it assigned Munich Reinsurance Co.'s (AA- /stable) €1 billion of hybrid securities a final A rating.

The issue is part of Munich Re's active capital management and takes into account the refinancing of the company's current outstanding bonds, Fitch said.

The transaction involved the buyback of €1.154 billion of Munich Re's outstanding €2.9 billion 6.75% hybrid bond due June 21, 2023, the agency said. Due to the simultaneous buy-back of outstanding subordinated debt, the issue slightly decreased Munich Re's financial debt.

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