“A+” rating for Munich Re's €1.5bn issue

Fitch Ratings has assigned Munich Re's issue of €1.5bn hybrid perpetual securities a final rating of 'A+'.

The issue will be used to replace equity in the capital structure, shareholders' funds being repaid. Although such a transaction would have a small negative effect on Munich Re's capital and leverage, these ratios, in Fitch' view, would remain consistent with the group's rating level.