Standard Life's 'A3/Baa1' ratings affirmed, outlook negative - Moody's |
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Published
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Mon, 29 Oct 2007 06:54
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MUMBAI (Thomson Financial) - Moody's Investors Service affirmed its 'A1' insurance financial strength rating on UK-based Standard Life Assurance Ltd and its 'A3' subordinated and 'Baa1' junior subordinated rating on Standard Life PLC with a negative outlook.The rating agency said it has also affirmed Standard Life Bank Ltd's 'C-' bank financial strength rating, 'A2/Prime-1' bank deposit rating and Standard Life Funding BV's 'A2' senior, 'A3' subordinated, 'A3' junior subordinated and 'P-1' commercial rating.Moody's added its 'Baa1'/Baa3' ratings of Scottish Mutual Assurance Ltd, part of the Resolution Group, remain on review for possible upgrade.The actions follow the announcement of the terms of a recommended offer by Standard Life PLC for Resolution PLC and the associated disposal of certain Resolution assets to Swiss Reinsurance Company, Moody's said.Standard Life's bid for Resolution PLC is at an offer price of 517 pence plus 0.715 Standard Life share for each Resolution share.With regard to the affirmation of the Standard Life Assurance and Standard Life PLC ratings, Moody's said that such an acquisition would improve Standard Life's market position and, in particular, distribution diversity via access to Abbey's branch network. In addition, the introduction of a material Protection business line would introduce a solid additional major and relatively low risk product area for the group, Moody's said.tfn.newsdesk@thomson.comnet/ranCOPYRIGHTCopyright 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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