Fitch assigns BBB rating to NEX

Fitch Ratings said it assigned a long-term issuer default rating of BBB to NEX Group plc, along with a short-term issuer default rating of F3.

The outlook is stable.

NEX is the group's ultimate parent and a holding company that wholly owns ICAP plc, Fitch said.

The group started operating under the NEX brand following the completion of the sale of ICAP's global voice and hybrid broking business to Tullett Prebon plc, now renamed TP ICAP plc, the agency explained.

Fitch said it expects ICAP and ICAP Group Holdings plc to be rebranded shortly.

The ratings on NEX reflect the company’s role as the group's holding company and is aligned with that of its wholly-owned subsidiary, ICAP, the agency said.

As a result, NEX's long-term issuer default rating is driven by the same considerations that affect ICAP's ratings, Fitch said.

The ratings also consider the lack of double leverage and a view that there are no material restrictions to the transfer of capital and liquidity across the group, the agency said.

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