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Fitch rates Pension Insurance notes BBB+
Fitch Ratings said it published Pension Insurance Corp. plc's planned sale of £500 million of 10-year 8% subordinated tier 2 notes a BBB+ rating.
“The notes are rated two notches below PIC's A long-term issuer default rating (IDR), comprising one notch for 'below average' recovery assumption and one notch for 'moderate' non-performance risk,” Fitch said in a press release.
The proceeds will be used for general corporate purposes.
The outlook is stable.
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