Merrill Lynch Life Insurance's 'AA-' rating placed on negative watch - S&P |
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Published
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Thu, 25 Oct 2007 15:52
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it placed its 'AA-' counterparty credit and financial strength ratings on Merrill Lynch Life Insurance Co and ML Life Insurance Co of NY on negative watch after the ratings of their parent Merrill Lynch & Co Inc were lowered to 'A+A-1'from 'AA-/A-1+'.The ratings on Merrill Lynch Life had Merrill Lynch & Co's implicit support until the parent said it was selling Merrill Lynch Life to Aegon USA Inc, S&P said.If the merger were not to occur, the ratings in Merrill Lynch Life would be lowered to the 'A' category as this would reflect their less strategically significant role to the now lower rated parent, the rating agency added.However, S&P believes that Aegon USA will likely complete the acquisition in the first quarter of 2008 and then integrate the operations in the next 12-24 months.At the time of the acquisition, S&P said it will assign an outlook to Merrill Lynch life based on its potential to reach core status within Aegon USA.tfn.newsdesk@thomson.comnet/pmiCOPYRIGHTCopyright 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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Fitch Ratings downgrades Merrill Lynch 