Fitch Ratings has assigned an AA- long-term issuer rating to CGNU plc (CGNU), with a stable outlook.
CGNU plc's senior debt obligations are guaranteed by CGU International Insurance plc, one of the principal operating and holding companies of the CGNU Group.
Fitch also assigned A+ ratings to CGNU's recently issued £700m subordinated bond, due in 2036, and its €800m (£508m) subordinated bond, due in 2021. The outlook for these ratings is also stable.
Fitch said: "The ratings reflect CGNU's impressive operating performance during the difficult conditions of 2001, the continuing solidity of its brand names in key markets and its strong balance sheet."
