Fitch rates FWD notes BBB+

Fitch Ratings said it assigned a final rating of BBB+ to FWD Ltd.’s $325 million 5% senior unsecured notes due 2024.

The assignment of the final rating follows the receipt of documents conforming to information already received and the final rating is in line with the expected rating assigned Sept. 10, the agency said.

The notes are senior unsecured obligations of the issuer, Fitch said.

FWD plans to use the proceeds to repay about $209 million of bank borrowings and to inject capital into its life insurance subsidiary in Hong Kong, Fitch said.

The remaining proceeds will be kept at the holding entity to support the interest payment on the notes, the agency said.

Fitch said it estimates the company’s financial leverage on a consolidated basis will increase to about 26% after this debt issue.

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