Fitch rates Suncorp Group A

Fitch Ratings said it affirmed the ratings of Suncorp-Metway Ltd., Suncorp Metway Insurance Ltd. and Vero Insurance Ltd., following a restructure of the Suncorp group under a non-operating holding company, Suncorp Group Ltd.

The agency also said it assigned a long-term issuer default rating of A and a short-term issuer default rating of F1 to Suncorp Group.

Following the restructure, the group has three main operating divisions: banking, general and life insurance.

The restructure is viewed as mildly positive from a credit perspective, adding greater transparency to the group and better aligning the legal structure with its existing management framework, Fitch said.

These affirmations and new ratings reflect the impact of the restructure on the Suncorp entities, the agency said.

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