Merrill Lynch Life outlook revised to positive; ratings affirmed - S&P |
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Tue, 14 Aug 2007 18:14
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has revised its outlook on Merrill Lynch Life Insurance Co and ML Life Insurance Co of New York to positive, after Merrill Lynch & Co Inc announced its intention to sell the two insurance operations to Aegon NV for 1.3 bln usd in cash.S&P also said that it affirmed its 'AA-' counterparty credit and financial strength ratings on the two companies.The revised outlook reflects expectation that after the acquisition and integration of Merrill Lynch Life, the operations will likely become a core component of Aegon USA's strategy, the ratings agency said.The ratings reflect the companies' underlying strength, as demonstrated by their robust earnings, conservative investments, renewed product line, and excess capital, S&P said.TFN.newsdesk@thomson.comans/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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