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Fitch rates NEX debt BBB on substitution
Fitch Ratings said it affirmed and transferred the long-term ratings of BBB on ICAP plc's £125 million senior notes to NEX Group plc following the issuer substitution from ICAP to NEX Group (BBB/stable).
The senior notes are guaranteed by NEX Group Holdings plc (formerly ICAP Group Holdings plc, BBB/stable).
The issue ratings were transferred due to the reorganization of ICAP by way of NEX assuming all of its outstanding debt and booking a receivable from it for the original issue proceeds, which are not transferred to NEX.
NEX's and ICAP’s issuer ratings (BBB/stable/F3) are unaffected by this action.
The issuer substitution took place on July 7.
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