Debt holdings & credit ratings

Phoenix Group’s strong financial position has been recognised by Fitch Ratings who assigned investment grade ratings for the Group’s senior and subordinated debt.

Phoenix Group will manage leverage at a level consistent with maintaining the investment grade ratings.

Credit ratings assigned to the Group's companies

Rating type	Entities	Fitch rating	Outlook
Insurer Financial Strength Ratings	Phoenix Life Limited Phoenix Life Assurance Limited Standard Life Assurance Limited ReAssure Limited	AA-	Stable
Long-Term Issuer Default Rating	Phoenix Group Holdings plc Phoenix Group Holdings	A+	Stable

Subordinated debt

Issuer	Nominal	Coupon	Issued	Call Option/ Optional Redemption Date	Maturity date	Fitch rating	ISIN
Phoenix Group Holdings plc	$500m	8.50%	12/06/2024	From 12/12/29 to 12/06/2030 (First reset date)	Perpetual	BBB+	XS2828830153
Phoenix Group Holdings plc	£350m	7.750%	06/12/2023	From 06/06/33 to 06/12/33 (First reset date)	06/12/2053	BBB+	XS2726389427
Phoenix Group Holdings plc	$350m	4.750%	04/06/2020	From 04/06/26 to 04/09/26 (First reset date)	04/09/2031	BBB+	XS2182954797
Phoenix Group Holdings plc	£500m	5.625%	28/04/2020	From 28/01/31 to 28/04/31 (Maturity date)	28/04/2031	BBB+	XS2166106448
Phoenix Group Holdings plc	$250m	5.625%	29/01/2020	From 29/01/25 to 26/04/25 (First reset date)	Perpetual	BBB+	XS2106524262
Phoenix Group Holdings plc	£500m	5.867%	13/06/2019	N/A	13/06/2029	BBB+	XS2012046665
Phoenix Group Holdings plc	£250m	4.016%	13/06/2019	N/A	13/06/2026	A-	XS2012048281
Phoenix Group Holdings plc	€500m	4.375%	24/09/2018	N/A	24/01/2029	BBB+	XS1881005117
Phoenix Group Holdings plc	£500m	5.75%	26/04/2018	26/04/2028 (First call/reset date)	Perpetual	BBB+	XS1802140894
Phoenix Group Holdings plc	$500m	5.375%	06/07/2017	N/A	06/07/2027	BBB+	XS1639849204
Phoenix Group Holdings plc	£197m	6.625%	23/01/2015	N/A	18/12/2025	BBB+	XS1171593293