BUPA Finance PLC Fitch downgrades Bupa Finance plc's credit rating (2246I)
March 31 2020 - 5:46AM
UK Regulatory
TIDMBUPF
RNS Number : 2246I
BUPA Finance PLC
31 March 2020
Fitch downgrades Bupa Finance plc's credit rating but affirms
Bupa Insurance Limited's Insurer Financial Strength at 'A+'
Credit rating agency Fitch Ratings has downgraded Bupa Finance
plc's Long-Term Issuer Default Rating (LT IDR) to 'A-' from 'A'.
Bupa Finance plc is the main financing company, and an intermediate
holding company, in The British United Provident Association
Limited group (Bupa/the Bupa Group). A full list of ratings
impacted is available at the end of this press release.
Fitch has also downgraded Bupa Finance plc's senior and
subordinated debt ratings, with the exception of one subordinated
debt issuance whose rating has been affirmed.
Bupa Insurance Limited's Insurer Financial Strength (IFS) rating
and LT IDR have been affirmed at 'A+' (Strong) and 'A'
respectively. Bupa Insurance Limited is an operating subsidiary of
the Bupa Group in the UK. The outlooks on both Bupa Finance plc's
LT IDR and Bupa Insurance Limited's IFS rating are stable.
See the full announcement from Fitch here .
List of affected ratings:
Bupa Insurance Ltd Rating Prior
Insurer financial A+ (affirmed) A+
strength
Long term issuer default A (affirmed) A
Bupa Finance plc
Long term issuer default A - (downgrade) A
Short term issuer F2 (downgrade) F1
default
Senior Unsecured BBB+ (downgrade) A-
Subordinated (guaranteed) BBB+ (affirmed) BBB+
Subordinated (unguaranteed) BBB- (downgrade) BBB
The Outlook on both Bupa Finance plc's LT IDR and Bupa Insurance
Limited's IFS ratings are stable.
Enquiries
Media
Rupert Gowrley (Corporate Affairs): rupert.gowrley@bupa.com
Investors
Gareth Evans (Treasury): garethevans@bupa.com
About Bupa
Bupa's purpose is helping people live longer, healthier, happier
lives. With no shareholders, our customers are our focus. We
reinvest profits into providing more and better healthcare for the
benefit of current and future customers.
Health insurance accounts for the major part of our business
with 17.5m customers and contributes 73% of revenue. We operate
clinics, dental centres and hospitals in some markets, with 15.8m
customers. We care for around 22,000 residents in our aged care
businesses in the UK, Australia, New Zealand and Spain.
We directly employ around 83,000 people, principally in the UK,
Australia, Spain, Chile, Poland, New Zealand, Hong Kong, Turkey,
Brazil, the US, Middle East and Ireland. We also have associate
businesses in Saudi Arabia and India.
For more information, visit www.bupa.com .
END
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END
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March 31, 2020 06:46 ET (10:46 GMT)
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