Fitch ups Ardonagh, revolver, notes

Fitch Ratings said it upgraded Ardonagh Midco 3 plc's long-term issuer default rating to B from B-.

The outlook is stable.

In addition, the agency upgraded the super senior revolving credit facility to BB/RR1/100% from BB-/RR1/100% and the senior secured notes to B+/RR3/59% from B/RR3/51%.

Fitch said it believes Ardonagh executed the business plan outlined when the group was created one year ago. It successfully integrated the original four companies as well as acquired three additional specialty insurance companies.

In addition, the company acquired books of business and associated teams to replenish the talent base, the agency noted.

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