Fitch upgrades Ethias, debt

Fitch Ratings said it upgraded Ethias SA's insurer financial strength rating to BBB+ from BBB and long-term issuer default rating to BBB from BBB-.

The agency also raised the company’s undated subordinated debt to BB+ from BB and dated subordinated debt to BB+ from BB.

The outlooks are stable.

Fitch said the upgrades reflect the completion of Ethias' recovery plan in May 2017 and resulting strengthening of capital profile and reduced exposure to interest rate risk. Ethias is planning further actions aimed at strengthening its capital position, although these may negatively impact profitability in 2017.

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