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Fitch rates Old Mutual perpetuals BBB+
Fitch Ratings said it assigned Old Mutual plc's proposed issue of sterling-denominated perpetual preferred callable securities a final rating of BBB+.
The securities raised £350 million and the proceeds will be used to refinance senior debt, including $636 million of maturing convertible debt in May 2005.
Fitch said there is no significant impact on the group's gross leverage.
The ratings are supported by Old Mutual's dominant position in the South African financial services market, according to Fitch. Its balance sheet position remains strong, while the U.S. life and asset management businesses continue to provide a source of diversity.
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