QBE Insurance's (ASX:QBE) 500 million euros in tier 2 subordinated securities have been assigned a "BBB+" rating by Fitch Ratings, according to a Tuesday note by the ratings agency.

Fitch said the subordinated notes are rated two notches below QBE's Issuer Default Rating (IDR), comprising two notches for poor baseline recoveries and zero for minimal non-performance risk, with QBE's ratings reflecting the non-life insurance group's very strong capitalization and leverage, favorable company profile and very strong financial performance and earnings.

The securities have been issued through QBE's note issuance program and are its direct, unsecured, and subordinated obligations, maturing on June 17, 2037, and carrying a fixed annual coupon rate of 4.293% paid in arrears up to June 17, 2032.