Fitch Assigns Mizzen Bondco's GBP200m Senior Bond 'B-'/'RR6' Final Ratings

Tue May 6, 2014 12:26pm EDT

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(The following statement was released by the rating agency) LONDON, May 06 (Fitch) Fitch Ratings has assigned Mizzen Bondco Limited's (Mizzen Bondco) GBP200m 7% senior notes 'B-'/'RR6' final ratings. The ratings are in line with the expected ratings assigned on 29 April 2014 (see Fitch Assigns Mizzen Bondco's GBP200m Senior Bond 'B-(EXP)'/'RR6' Expected Rating on www.fitchratings.com). KEY RATING DRIVERS Mizzen Bondco is a wholly owned subsidiary of Mizzen Mezzco Limited UK (MML), which ultimately owns Premium Credit Finance (PCL), a leading provider of third-party insurance premium finance in the UK and Ireland. The notes are senior, mature in 2021 and are guaranteed by Mizzen Midco Limited and Mizzen Mezzco2 Limited UK (intermediate holding companies between MML and PCL). Their ratings are two notches below MML's 'B+' Long-term IDR, reflecting poor recovery prospects as indicated by the 'RR6' Recovery Rating assigned by Fitch. RATING SENSITIVITIES The securities ratings are primarily sensitive to any movement in their anchor rating, MML's Long-term IDR, and to potential changes to recovery prospects. Contact: Primary Analyst Maria Rivas Director +44 20 3530 1163 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Natalia Shakhina Analyst +44 20 3530 1577 Committee Chairperson Erwin Van Lumich Managing Director +34 93 323 8403 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com. Additional information is available on www.fitchratings.com Applicable criteria, Global Financial Institutions Rating Criteria, dated 31 January 2014, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Recovery Ratings for Financial Institutions here Finance and Leasing Companies Criteria here Additional Disclosure Solicitation Status null/gws/en/disclosure/solicitation?pr_id=828819 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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