Friends Provident's ratings confirmed; outlook stable - Moody's |
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Published
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Tue, 30 Oct 2007 15:20
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has confirmed its ratings on Friends Provident PLC with a stable outlook after the announcement that the merger agreement between Resolution PLC and Friends Provident has been terminated.Moody's confirmed the 'A1' insurance financial strength rating of Friends Provident Life & Pensions Ltd, and the 'Baa1' senior debt and 'Baa1' junior subordinated debt ratings of Friends Provident.Moody's had placed its ratings of Friends Provident on review for possible downgrade in July following the announcement of an agreed merger between Friends Provident and Resolution. However, following the termination of the merger agreement, and given the unchanged standalone credit fundamentals of Friends Provident, the outlook on its ratings has been changed back to stable.TFN.newsdesk@thomson.comans/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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Resolution ratings put on evolving watch - Fitch 