RCS - Utmost Group - Fitch Ratings upgrades Utmost Group's RT1 Notes

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08/03/2024 08:45

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RNS Number : 1402G  Utmost Group  08 March 2024

08 March 2024

 

 Fitch Ratings upgrades Utmost Group's Restricted Tier 1 Notes to Investment
 Grade (BBB-)

 

 

Utmost Group is pleased to announce that Fitch Ratings has upgraded the
Group's £300 million Solvency II Restricted Tier 1 ("RT1") notes to 'BBB-'
from 'BB+'.

 

The upgrade of the RT1 follows Fitch's update to its Insurance Rating Criteria
after a revision to the assessment of incremental non-performance risk. This
resulted in Utmost's rating benefitting from a reduction of Fitch's base-case
downward notching from an insurers' Issuer Default Rating ("IDR") and issued
RT1 instrument.

 

Ian Maidens, Utmost Group Chief Financial Officer, commented:

"I am pleased that Utmost Group has been awarded Investment Grade ('BBB-') by
Fitch for our RT1.

 

"This is another positive step in the recognition of Utmost's financial
strength and follows both the adjustment of the Group's ratings from Stable
Outlook to Positive Outlook in June 2023, and the upgrade of the Group's
Issuer Default Rating  to 'A-' from 'BBB+' in June 2022."

 

Please see Fitch Ratings press release here:
https://www.fitchratings.com/site/pr/10262605
(https://www.fitchratings.com/site/pr/10262605)

 

For further information, please contact:

 

Utmost Group plc

Utmost Group Press

Tel: +44 (0)203 861 4343 / Email: press@utmostgroup.com

 

Temple Bar Advisory

Alex Child-Villiers

Tel: +44 (0)20 7183 1190 / Email: utmost@templebaradvisory.com

 

About Utmost Group plc

Utmost Group plc is a leading provider of insurance and savings solutions. Its
principal businesses are Utmost International and Utmost Life and Pensions.
Utmost Group plc is subject to Group Supervision by the PRA.

 

 

 

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