Fitch rates Old Mutual issue BBB+

Fitch Ratings said it assigned Old Mutual plc's upcoming benchmark subordinated debt issue an expected rating of BBB+.

The final rating is contingent upon receipt of final documentation conforming to information already received, the agency said, noting that the proceeds of the euro-denominated subordinated debt issue will be used to refinance maturing debt, including Old Mutual's €400 million senior debt maturing in April 2007.

The proposed 10-year subordinated debt made under the company's euro-note program may be called at Old Mutual's option after five years and includes a 50 bps step-up clause, the agency added.

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