Fitch rates Phoenix tier 2 notes BBB+

Fitch Ratings said it assigned Phoenix Group Holdings plc’s £350 million issue of 30-year subordinated tier 2 notes a BBB+ rating. The notes have a 7.75% fixed-rate reset coupon, payable semi-annually in arrears.

“The notes are rated three notches below Phoenix's A+ long-term issuer default rating (IDR), comprising two notches for 'poor' recoveries and one notch for 'moderate' non-performance risk, in line with Fitch's notching criteria,” the agency said in a press release.

The proceeds are being used for general corporate purposes.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.