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Published on 3/26/2021 in the Prospect News Investment Grade Daily.

Fitch revises Hastings view to positive

Fitch Ratings said it revised the outlook on Hastings Group Holdings Ltd.’s and Hastings Group (Finance) plc's long-term issuer default ratings to positive from stable and affirmed the IDRs at A-.

Fitch also affirmed Hastings' £250 million senior notes at BBB+.

The revision of the outlooks to positive reflects an improvement in Fitch's assessment of Hastings' capitalization & leverage, specifically Fitch's Prism FBM score improving to Strong at end-2020 from Somewhat weak at end-2019.

“We believe that there is a substantial probability that Hastings will maintain a Strong Prism score, while we expect the financial leverage ratio (FLR; 28% at end-2020) to gradually improve,” Fitch said in a news release.


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