Resolution ratings put on evolving watch - Fitch |
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Published
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Sun, 14 Oct 2007 20:53
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MUMBAI (Thomson Financial) - Fitch Ratings said it put the insurer financial strength ratings of Resolution PLC's operating entities on evolving watch from positive positive watch.The entities affected are Scottish Mutual Assurance Ltd, Scottish Provident Ltd and Phoenix Life Assurance Ltd.Fitch also placed Resolution's issuer default rating of 'A-' on rating watch evolving.The rating watch actions on Resolution reflect the offer proposal made by UK insurer Pearl Group Ltd as an alternative to Resolution's proposed merger with Friends Provident PLC, rated 'A-' with a stable outlook, Fitch said.Fitch added it sees Pearl's proposed offer as less favourable to Resolution's credit quality.tfn.newsdesk@thomson.comnet/ssaCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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OFFICIAL CORRECTION BAA's ratings still on negative watch - Fitch 