Fitch rates Paragon note issue BBB-

Fitch Ratings said it assigned Paragon Group of Cos. plc’s (BBB-/stable) prospective retail issue under its £1 billion euro medium-term note program an expected rating of BBB-(EXP).

The expected rating is in line with Paragon's long-term issuer default rating of BBB-, reflecting the notes' status as senior unsecured obligations. Although the notes rank junior to Paragon's securitized debt obligations, their alignment with the issuer default rating is also based on the adequate availability of unencumbered assets, the agency said.

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