Fitch rates Provident tier 2 notes B+

Fitch Ratings said it assigned Provident Financial plc's (BB/negative) upcoming issue of sterling tier 2 notes an expected long-term rating of B+.

Provident intends to issue the notes under its £2 billion medium-term note program.

As both Provident and its bank subsidiary, Vanquis Bank (unrated), are subject to prudential capital requirements, Fitch said it has assigned expected ratings to the notes under its bank rating criteria, in line with the notching approach detailed in Fitch's Non-Bank Financial Institutions Criteria.

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