Fitch rates Wilton Re notes BBB-

Fitch Ratings said it assigned a BBB- rating to Wilton Re Ltd.’s issuance of $400 million, 6% fixed-rate resetting non-cumulative perpetual subordinated notes.

“The assigned rating is three notches below Wilton Re’s long-term issuer default rating, reflecting two notches for a baseline recovery assumption of poor and one notch for a non-performance risk assessment of minimal. In Fitch’s calculation of financial leverage, the notes are afforded 100% equity credit, reflecting that they are perpetual and interest is non-cumulative,” Fitch said in a press release.

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