Fitch upgrades Hastings

Fitch Ratings said it upgraded Hastings Group Holdings plc's and Hastings Group (Finance) plc's (Hastings Finance) long-term issuer default ratings to A- from BBB+. Fitch simultaneously upgraded Hastings' £250 million senior unsecured notes to BBB+ from BBB.

Fitch also removed the ratings from rating watch positive, where they were previously placed on Aug. 6.

“The rating actions follow the announcement by Sampo plc (Sampo), a pan-Nordic composite insurance group, that it has completed the acquisition of 70% of Hastings shares, having received all required approvals from regulatory bodies and competition authorities. South Africa-based Rand Merchant Investment Holdings Limited (RMI) will own the remaining 30%,” Fitch said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.