Moody’s assigns Peak Re securities Baa2

Moody’s Investors Service said it assigned a Baa2(hyb) backed subordinated debt rating to the proposed issuance of subordinated perpetual securities by Peak Re (BVI) Holding Ltd.

Peak Re (BVI) is a special purpose vehicle and wholly owned subsidiary of Peak Reinsurance Co. Ltd., which will guarantee the securities.

The Baa2(hyb) rating reflects the equity-like features contained in the subordinated perpetual securities, which will receive partial equity credit from Moody’s. “Specifically, these are the optional coupon deferral mechanisms, the cumulative nature of the deferred coupons, and the securities’ perpetual nature with no maturity date,” Moody’s said in a press release.

The outlook on Peak Re (BVI) is stable.

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