Provident Financial removed from negative watch, says Fitch |
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Published
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Wed, 07 Mar 2007 13:27
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LONDON (AFX) - Fitch Ratings has removed UK-based Provident Financial Plc's issuer default rating of 'BBB+' and its long-term subordinated bond's 'BBB' rating from negative watch and affirmed them, after Provident gave details of its demerger plans and clarified that Vanquis Bank will continue to be owned by it.Fitch placed Provident on negative rating watch in March 2006 after Provident announced plans to demerge its international operations.The rating agency said the rating outlook is stable.Fitch said it believes Provident's conservative approach to funding and leverage management would continue post demerger and the group is unlikely to deviate materially from its basic tenet that its receivables book be broadly funded 80:20 by debt and equity.The rating action also reflected Fitch's belief that selling its Provident Insurance motor insurance subsidiary and then demerging its international operations would be neutral to Provident's ratings, Fitch added.newsdesk@afxnews.comvsr/akuCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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