Fitch rates Phoenix Group notes BBB

Fitch Ratings said it assigned Phoenix Group Holding plc's $500 million of dated subordinated tier 2 notes a debt rating of BBB.

The notes are rated three notches below Phoenix's long-term issuer default rating of A, which has a stable outlook, to reflect their subordination and loss-absorption features, in line with Fitch's notching criteria, the agency said.

The proceeds will be used for general corporate purposes, including providing additional flexibility for the refinancing of existing Phoenix Group borrowings.

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