Alm. Brand Forsikring A/S, Codan Forsikring A/S and Alm. Brand A/S are rated by the international credit rating agency Fitch Ratings. Fitch Ratings has assigned Alm. Brand Forsikring A/S and Codan Forsikring A/S an Insurance Financial Strength Rating (IFSR) of ‘A+’. Alm. Brand A/S has a Long-Term Issuer Default Rating (IDR) of ‘A’. The ratings all have a ‘stable outlook’, reflecting Fitch Ratings’ expectation that the rating will remain at the level assigned in the short to medium term. Alm. Brand A/S has two debt issuances: Subordinated Tier 2 notes and subordinated Restricted Tier 1 notes. These notes are assigned the ratings ‘BBB’ and ‘BBB-‘ respectively, in line with Fitch's hybrid debt notching criteria.