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LONDON--(BUSINESS WIRE)--Sept. 10, 2004--Fitch Ratings, the international rating agency, has today downgraded QBE Insurance Group Limited's ('QBE') Long-term rating to 'A' from 'A+'. At the same time, the agency has assigned its proposed GPB150 million senior unsecured sterling issue due 2009 an expected 'A'. The Outlook on the ratings is Stable.
Published on September 10, 2004
The downgrade reflects QBE's increased financial leverage resulting from the debt issue. Fitch will also be monitoring for any new information affecting the company prior to completion of the debt issue.
The expected rating is contingent upon receipt of final documentation conforming to information already received.
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