Fitch rates RSA Insurance convertibles BB

Fitch Ratings said it assigned RSA Insurance Group plc's SEK 2.5 billion and DKK 650 million perpetual Restricted Tier 1 (RT1) contingent convertible notes a BB rating.

The notes are rated four notches below RSA Insurance's BBB+ issuer default rating, comprising two notches for a “poor” baseline recovery assumption and two notches for “moderate” non-performance risk.

Proceeds will be used to repurchase or refinance existing debt as well as other general corporate purposes.

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