Fitch lowers Hanover Finance to D

Fitch Ratings said it downgraded Hanover Finance Ltd.'s long- and short-term foreign currency issuer default ratings to D from C, individual rating to F from E and simultaneously removed them from rating watch negative.

At the same time, Fitch said it has affirmed Hanover Finance's support rating at 5 and the support rating Floor at NF.

A long-term foreign currency issuer default rating of D indicates that Hanover Finance has defaulted on its financial obligations, the agency noted.

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