Fitch upgrades four hybrids after methodology change

Fitch Ratings has upgraded four deals after changing the way it rates hybrid securities.

The agency introduced a new scale to simplify the way it analyses the proportion of equity to credit in a security, running from A, indicating 100% debt, to E, indicating 100% equity. Previously the agency applied two different scales to deals from banks and those from corporates: banks ran from 1 to 4, while corporates were assigned a percentage figure from 1% to 100%.

The upgrades were: €1.5bn of preferred

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