Moody's upgrades Bupa Finance plc debt ratings

31 May 2018 . International

Credit rating agency Moody’s has upgraded by one notch the debt ratings of Bupa Finance plc, Bupa’s main financing and intermediate holding company. A full list of ratings impacted is available at the end of this press release.

This rating action follows Moody’s recent publication of a new cross sector methodology for assigning instrument ratings for insurers. Moody’s has modified its guidance for rating certain insurance holding company instruments, and specifically now applies narrower notching where there is enhanced regulatory supervision at a group-wide level. The credit rating agency considers that Solvency II is one of the regulatory regimes which provides enhanced group supervision.

See the full announcement from Moody’s.

List of affected ratings

Issuer: Bupa Finance plc


Backed Senior Unsecured, upgraded to A3 from Baa1

Subordinate, upgraded to Baa1(hyb) from Baa2(hyb)


Outlook remains stable

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 16.7m customers and contributes around 75% of revenue. We operate clinics, dental centres and hospitals in some markets, with around 15m customers. We care for around 22,300 residents in our UK, Australia, New Zealand and Spain aged care businesses.

We directly employ around 80,000 people, principally in the UK, Australia, Spain, Poland, Chile, New Zealand, Hong Kong, Turkey, the US, Brazil, the Middle East and Ireland. We also have associate businesses in Saudi Arabia and India.

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