Fitch rates Intermediate Capital bond BBB-

Fitch Ratings said it assigned an expected rating of BBB- to Intermediate Capital Group’s proposed bullet bond issue under its £500 million euro medium-term note program.

The notes issued under the program are expected to be rated in line with the company’s long-term issuer default rating of BBB-, reflecting their status as senior unsecured obligations.

The proposed notes will be guaranteed by Intermediate Capital Investments Ltd., Intermediate Capital Managers Ltd. and Intermediate Investments LLP, which together account for a material portion of group assets and earnings, Fitch said.

The ratings reflect the company’s strong franchise in leveraged finance and associated asset-management activities, the agency said.

The ratings also consider the inherent risk profile of the group’s asset portfolio and its links with wider market performance, Fitch said.

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