Fitch rates NN notes BBB+

Fitch Ratings said it assigned NN Group NV's €750 million of deeply subordinated restricted tier 1 notes a BBB+ rating.

“The notes are rated three notches below NN's long-term issuer default rating (IDR) of A+, to reflect their 'poor' recovery assumptions (two notches) and 'moderate' non-performance risk (one notch),” Fitch said in a press release.

The proceeds will be used for general corporate purposes and the repayment of some of the group's existing indebtedness.

The outlook is stable.

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