Fitch Ratings assigned a 'BBB' rating to QBE Insurance Group's (ASX:QBE) AU$600 million tier 2 subordinated securities, according to a Wednesday statement by Fitch.

The notes, issued through QBE's note issuance program, consist of two tranches, AU$275 million with floating rates and AU$325 million with fixed-to-floating rates. Both tranches have a fixed maturity of 11 years.

The floating-rate notes will carry a coupon of the three-month bank bill swap rate, along with 1.95%, while the fixed-to-floating notes will offer a coupon of 5.802% for the first six years, transitioning to a floating rate thereafter.

The funds raised from the issuance will be used for general corporate purposes within the QBE Group.