Fitch rates Old Mutual program BBB-

Fitch Ratings said it assigned Old Mutual plc's (issuer default rating BBB/stable) £5 billion debt program a BBB- rating for senior debt and a BB rating for Tier 2 subordinated debt.

The ratings are assigned to the program and not to the notes issued under the program.

For senior unsecured debt issued under the program, the agency said it expects to apply a baseline recovery assumption of “below average,” with the rating notched down once from the issuer default rating.

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