Fitch ups Paragon Banking to BBB

Fitch Ratings said it upgraded Paragon Banking Group's (previously Paragon Group of Cos. plc) long-term issuer default rating and senior unsecured debt rating to BBB from BBB-.

The outlook is stable.

The agency also assigned a viability rating of bbb and a short-term issuer default rating of F3.

Fitch said the upgrade reflects the continued stability in Paragon's profitability, risk appetite, capital targets and business model, across changing conditions in the buy-to-let (BTL) sector.

The assignment of the viability rating, support rating and support rating floor reflect the reorganization of Paragon into a banking group and Fitch's assessment of the rating under the Global Bank Criteria (previously Paragon was rated under the Non-Bank Financial Institutions Rating Criteria).

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