Fitch upgrades Paragon Banking Group PLC to BBB
Paragon Banking Group PLC ("Paragon" or "the Group") is pleased to confirm that Fitch Ratings has upgraded Paragon's Long-Term Issuer Default Rating and its senior unsecured debt rating to BBB from BBB-. As a consequence, the rating on Paragon's Tier2 subordinated notes will also upgrade from BB+ to BBB-.
This follows Fitch's first review of Paragon's rating since the Group's strategic reorganisation which took place in September last year. The reorganisation allowed Paragon to simplify its corporate structure and bring more of its business into the banking framework, resulting in Paragon's rating criteria moving from the Non-Bank Financial Institutions approach to the Global Banks approach at Fitch.
Nigel Terrington, Chief Executive said: "This is a very positive outcome for the Group, highlighting the tangible benefits of our strategic reorganisation and transformation into a Banking Group last year. Today's rating upgrade will reduce Paragon's cost of funds in the wholesale market, improve our access to capital and strengthen our capabilities to deliver on our long term strategic plans".
For further information contact:
Richard Woodman - Chief Financial Officer - 0121 712 2000
This information is provided by RNS