Aegon ratings affirmed on agreement to buy Merrill Lynch Life Insurance: Moody's |
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Published
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Thu, 16 Aug 2007 16:40
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has affirmed the credit ratings of Aegon NV and the operating life insurance companies of the Aegon USA Life Group, after the Dutch insurer said it has signed an agreement to acquire Merrill Lynch Life Insurance Co and ML Life Insurance Co of New York from Merrill Lynch & Co Inc for 1.3 bln usd in cash.Moody's has affirmed Aegon's senior unsecured debt at 'A2', subordinated debt at 'A3', junior subordinated debt at 'A3' and commercial paper at 'Prime-1'. Moody's has a 'Aa3' insurance financial strength ratings on Aegon USA.Since Aegon's consolidated financial leverage and coverage is expected to remain unchanged and acquisition-related goodwill from the transaction will be modest, Moody's said it has affirmed Aegon and Aegon USA's ratings with a stable outlook.TFN.newsdesk@thomson.comans/ms1COPYRIGHTCopyright 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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Merrill Lynch Life outlook revised to positive; ratings affirmed - S&P 