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Fitch revises Hastings Insurance to positive
Fitch Ratings said it revised Hastings Insurance Group (Finance) plc's outlook to positive from stable and affirmed its long-term foreign currency issuer default rating at B+.
The agency also affirmed the £150 million senior secured floating-rate notes due 2019 and 8% £266.5 million senior secured fixed-rate notes due July 2020 at BB-/RR3.
Fitch said the outlook revision follows the successful completion of Hastings' IPO. Despite the deleveraging, in the agency’s view, Hastings' financial metrics on a cashflow basis keep the issuer default rating at the B+ level. Additional cash flow generation leading to further deleveraging supported by a business with greater scale and diversification would support a higher rating.
The outlook revision to positive indicates that Fitch believes the upgrade triggers could be met within a 12- to 24-month horizon.
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