Fitch lowers First Group

Fitch Ratings said it downgraded FirstGroup plc's long-term issuer default rating and senior unsecured rating to BBB- from BBB. The agency affirmed FirstGroup's short-term issuer default rating at F3.

The outlook on the long-term rating is stable.

Fitch said the downgrades reflect lower earnings expectations.

Additionally, adjusted leverage was slightly higher than anticipated. As a result, the agency said FirstGroup's adjusted leverage remains too high for the previous rating.

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