Fitch applies BBB+ to Hastings

Fitch Ratings said it assigned Hastings Group Holdings plc and Hastings Group (Finance) plc long-term issuer default ratings of BBB+.

The agency also assigned an expected BBB(EXP) rating to Hastings Group (Finance)'s proposed senior bond.

The outlooks are stable.

The senior debt rating is notched off once from the issuer default rating to reflect Fitch's standard baseline assumption of “below average” recovery prospects for senior debt issued out of a holding company.

Fitch said the ratings reflect Hastings' very strong financial performance and earnings, strong business profile and strong regulatory capital, which is offset by the agency’s view of capital weakness at the consolidated group level.

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