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5 years ago
TEXT-S&P drops rtgs on Friends Life Co. Ltd. at issuer request
January 22, 2013 / 9:49 AM / 5 years ago

TEXT-S&P drops rtgs on Friends Life Co. Ltd. at issuer request

Jan 22 -

Overview

-- On Dec. 28, 2012, most of the assets and liabilities within Friends Life Co. Ltd. were transferred to Friends Life Ltd. as part of the broader reorganization of the group structure of Friends Life Group PLC.

-- We have therefore withdrawn the counterparty credit and insurer financial strength ratings on Friends Life Co. Ltd. at the issuer's request.

Rating Action

On Jan. 22, 2013, Standard & Poor's Ratings Services withdrew its 'A-' counterparty credit and insurer financial strength ratings on Friends Life Co. Ltd. (FLC) at the issuer's request. The outlook was stable at the time of the withdrawal.

Rationale

Nearly all of FLC's assets and liabilities were transferred into Friends Life Ltd. (FLL; A-/Stable/--), a process which we understand was completed on Dec. 28, 2012. FLL is the main operating company of Friends Life Group PLC (FLG; BBB/Stable/--).

This transfer forms part of the group's ongoing strategy to streamline its legal entity structure, optimize capital, and maximize synergies across the group. FLL is also the holding company of several entities into which the group's future new business will be written. These entities include Friends Life & Pensions Ltd. (FLP; not rated), the main entity for new business in the U.K., and Friends Provident International Ltd. (FPI; not rated) and Lombard International Assurance S.A. (Lombard; not rated), which are the entities for international new business.

Ratings List

Rating Withdrawn

To From

Friends Life Co. Ltd.

Counterparty Credit Rating NR/-- A-/Stable/--

Financial Strength Rating NR/-- A-/Stable/--

0 : 0
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