Fitch rates Liberty Group securities A+(zaf)

Fitch Ratings said it assigned Liberty Group Ltd.’s proposed issue of subordinated debt securities an A+(zaf)(EXP) expected rating, and affirmed its outstanding subordinated debt at A+(zaf).

The rating is in line with Fitch's standard notching practices.

The agency simultaneously affirmed Liberty Group’s national insurer financial strength rating at AA(zaf) and its national long-term rating at AA-(zaf).

The outlooks are stable.

As Liberty Group is the main life insurance entity of the Liberty Holdings Ltd., its ratings are based on a combined group assessment.

Liberty Group is proposing to issue a fixed-rate note (LGL05) with a seven-year maturity. The coupon will be payable semi-annually, and will be determined on the auction date by reference to the yield on the R208 government bond. The note does not include any interest deferral features.

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