Fitch assigns Phoenix notes BBB-

Fitch Ratings said it assigned Phoenix Group Holding plc's $750 million issue of perpetual subordinated restricted tier 1 convertible notes a long-term rating of BBB-.

The notes are rated four notches below Phoenix's long-term issuer default rating of A, to reflect their subordination and loss-absorption features.

The notes have been issued by Phoenix as part of the financing of its acquisition of ReAssure Group plc announced on Dec. 6. They have a fixed coupon of 5 5/8% with interest-rate reset dates at every fifth anniversary of the issue and call dates semi-annually following the first call date of five years.

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