MADRID (S&P Global Ratings) Feb. 9, 2026--S&P Global Ratings today said it assigned its 'BBB+' issue rating to the Tier 2 subordinated notes issued by Portuguese insurance group Fidelidade Companhia de Seguros S.A. (A/Stable/--). The rating is subject to our review of the notes' final terms and conditions. The 'BBB+' issue rating on the notes reflects the deduction of two notches from the 'A' long-term issuer credit rating on Fidelidade: One notch because of the notes' subordination to the group's senior obligations; and One notch due to payment risk from the mandatory coupon-deferral feature. In our view, payment risk is sufficiently reflected in a one-notch deduction. This is because interest deferral is mandatory under Solvency II if: Fidelidade's capital resources
