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Fitch rates National Express notes BBB-
Fitch Ratings said it assigned an expected rating of BBB- to National Express Group plc's proposed senior unsecured notes.
The rating is aligned with the company’s issuer default rating of BBB- as the notes will constitute unconditional, senior and unsecured obligations of the company, Fitch said.
The outlook is stable.
The notes are part of the company’s euro medium-term notes issuance program, the agency said.
The proceeds of the notes will be used to refinance the existing £350 million senior unsecured notes due 2017.
The company’s geographical and sectoral diversity allows the company to take advantage of more stable contract-based markets, Fitch said.
The agency also noted that the company's stable operating performance in 2015 was better than expectations for the year.
Group revenue was slightly above the forecast due to growth in all divisions, Fitch said.
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