Fitch rates Suncorp notes A-

Fitch Ratings said it assigned an expected rating of A- to Suncorp Group Ltd.'s proposed subordinated securities.

The proceeds from the issue will be used for general corporate purposes, including funding the activities of Suncorp's operating subsidiaries.

The subordinated securities represent Suncorp's direct, unsecured and subordinated obligations, Fitch said, and are rated two notches lower than Suncorp's issuer default rating.

This reflects an assumption of poor recovery prospects in the event of a default, given the level of subordination, the agency explained.

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