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Fitch to rate Euroclear hybrids A+, bonds AA
Fitch Ratings said it assigned Euroclear Investments SA's (AA/stable/F1+) upcoming dated hybrid notes an expected long-term rating of A+(EXP).
At the same time, the agency assigned an expected long-term rating of AA(EXP) to the company’s planned senior unsecured bond issue, in line with its outstanding €600 million unsecured notes.
The agency said that Euroclear’s issuer ratings are unaffected by the action.
Fitch said the upcoming senior unsecured debt is rated in line with the company’s long-term issuer default rating as they are plain vanilla direct, unsubordinated, unsecured and unconditional obligations of the company and do not benefit from any binding guarantees by Euroclear Bank.
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