Fitch rates Fidelity & Guaranty notes BB

Fitch Ratings said it assigned a rating of BB to Fidelity & Guaranty Life Holdings, Inc.'s issuance of $550 million of seven-year senior unsecured notes.

The remaining Fidelity & Guaranty Life ratings are unaffected.

The notes are guaranteed by CF Bermuda Holdings Ltd. and FGL US Holdings Inc., intermediate holding companies that aggregate the company's U.S. and Bermuda based insurance subsidiaries.

The ratings assigned to the new senior notes are equivalent to those assigned to Fidelity & Guaranty Life Holdings’ existing senior unsecured debt, and reflect standard notching based on Fitch's rating criteria.

The agency affirmed the ratings of Fidelity & Guaranty with a stable outlook on Nov. 28.

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