Fitch Ratings downgraded Suncorp Group's (ASX:SUN) long-term issuer default rating to "A" from "A+" with a stable outlook due to the financial services group's reduced capital base following the sale of its banking unit, according to a Thursday commentary by the rating agency.
The downgrade comes after Fitch cut the group's prism global score to "adequate," following the sale and changes to its reinsurance program, the agency said.
The rating agency also downgraded the group's subordinated debt rating to "BBB+" from "A-" and reaffirmed its "F1" short-term issuer default rating.
Fitch withdrew its ratings for Suncorp Group for commercial reasons.
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