Fitch rates Pension Insurance notes BBB-

Fitch Ratings said it assigned Pension Insurance Corp. plc's (A/stable) proposed restricted tier 1 subordinated notes a BBB- rating.

“The proposed notes are rated four notches below PIC's issuer default rating, comprising two notches for poor recoveries and two notches for moderate non-performance risk,” the agency said in a news release.

The proposed notes will rank ahead of ordinary shares in the event of a winding-up, but behind senior debt, Fitch noted.

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