Fitch upgrades Utmost Group

Fitch Ratings said it upgraded Utmost Group plc's long-term issuer default rating to A- from BBB+, its subordinated notes to BBB- from BB+ and its junior senior contingent convertible notes to BB+ from BB.

“The upgrade of the group holding company's IDR reflects our view that the insurance regulatory bodies that supervise Utmost Group's operating companies will likely strengthen their cooperation with the Prudential Regulatory Authority (PRA), which is Utmost Group's group lead regulator. As a result, we now rate Utmost Group's IDR at A-, which is at the same level as the implied IDR of its insurance operating subsidiaries. The Utmost Group has been subject to group supervision by the PRA since 2020,” Fitch said in a press release.

The outlook is stable.

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