Fitch rates Athora notes BBB-

Fitch Ratings said it rated Athora Netherlands NV's (Athora NL) planned 10-year subordinated tier 2 €500 million of notes BBB-.

“The notes are rated three notches below Athora NL's long-term issuer default rating (IDR) of A-, which has a stable outlook, comprising two notches for expected recovery and one for moderate non-performance risk,” Fitch said in a press release.

Athora is expected to use the proceeds to refinance its $575 million of undated subordinated notes with a first call date on Nov. 16. Athora NL made a tender offer for the outstanding $575 million notes; subject to the level of tender acceptance Fitch said it expects the remainder of this outstanding issue to be called.

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