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Fitch trims Truist
Fitch Ratings said it downgraded Truist Financial Corp.'s and Truist Bank's long-term issuer default rating to A from A+ following the announced sale of Truist Insurance Holdings. The agency also lowered TFC’s senior unsecured notes to A- from A, the subordinated notes to BBB+ from A- and preferred shares to BBB- from BBB. Finally, Fitch cut Truist Bank’s senior unsecured notes to A from A+ and subordinated notes to A- from A.
“The downgrade reflects the announced sale of the remaining majority stake of Truist Insurance Holdings (TIH) to a private equity consortium including Stone Point Capital, Clayton, Dubilier & Rice, and Mubadala Investment Co.. The rating action assumes the transaction will close in 2Q 2024 as agreed,” Fitch said in a press release.
TIH is the fifth-largest insurance broker in the U.S., the seventh largest in the world and TFC's largest source of fee income.
The outlook remains stable.
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