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Why does the issue have a “BBB+” rating when the Club has an “A” rating from Standard & Poors?

April 26, 2017club ISSUE poor rating standard

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Why does the issue have a “BBB+” rating when the Club has an “A” rating from Standard & Poors?

1 Answer

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The Club has an “A” claims paying rating. As claims rank ahead of the hybrid capital holders the implied credit rating of the hybrid capital is assumed to be two notches below the Club’s claims paying ability rating.