Fitch lifts RenaissanceRe preferreds

Fitch Ratings said it affirmed the ratings of RenaissanceRe Holdings Ltd. and its subsidiaries, including the issuer default rating for RenaissanceRe at A and the insurer financial strength rating of Renaissance Reinsurance Ltd. at A+.

RenaissanceRe’s preference shares were upgraded to BBB+ from BBB.

The outlook is stable.

Fitch said the upgrade of the preference shares reflects its recently updated notching criteria, published on July 14. Under the revised criteria, hybrid is considered to have “minimal” non-performance risk. Notching is set two below the issuer default rating based on “poor” recovery expectations, with no additional notching for non-performance.

Under prior criteria, a notch was added for non-performance.

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