Fitch Ratings has affirmed the ratings of R&SA following the annoucement of the proposed buy-out of Codan
Fitch Ratings has affirmed the ratings of Royal & Sun Alliance Insurance plc (R&SA) and Royal and Sun Alliance Insurance Group PLC following the announcement of the proposed minority buy-out of the outstanding shares of Codan A/S ("Codan") -Denmark's third largest insurer - valued at £584m.
The rating affirmations are below:
Royal & Sun Alliance Insurance plc: Insurer Financial Strength rating (IFS) 'A-' (A minus) and Issuer Default rating (IDR) 'BBB+'. The Outlooks remain Stable.
Royal and Sun Alliance Insurance Group PLC: IDR 'BBB' Outlook Stable; subordinated debt and capital securities guaranteed by R&SA (EUR200m maturity 2019, EUR300m maturity 2019, GBP450m perpetual, GBP375m perpetual): 'BBB'.
