Fitch Ratings upgraded Ardonagh Midco 3 PLC's long-term issuer default rating to B from B-, with a stable outlook.
Ardonagh Midco 3 is a debt issuing vehicle of U.K.-based insurance holding company Ardonagh Group Ltd. The rating agency said May 23 that Ardonagh has carried out the business plan outlined upon its creation one year ago, noting that it has successfully integrated Price Forbes, Autonet, Direct Group and Chase Templeton as well as its acquisitions of Carole Nash, Mastercover and Healthy Pets, which has significantly diversified the group.
Fitch noted that there have been limited cost synergies from Ardonagh's acquisitions, but said the group could achieve further cost savings.
