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