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http://www.oldmutual.com/
Old Mutual cut to 'A-', on negative watch - Fitch
Tue. September 16, 2008; Posted: 01:26 AM
MUMBAI, Sep 16, 2008 (Thomson Financial via COMTEX) -- OLMUY | Quote | Chart | News | PowerRating -- Fitch Ratings downgraded Old Mutual Plc., and signalled a further possible downgrade, after Old Mutual announced the resignation of chief executive Jim Sutcliffe and further writedowns of $135 million at its troubled U.S. life business.
The long-term issuer default rating was cut to 'A-' from 'A' and placed on rating watch negative. Fitch also cut Old Mutual's senior unsecured debt rating to 'BBB+' from 'A-' and the subordinated debt rating to 'BBB' from 'BBB+' and placed them on negative watch. The short-term IDR is downgraded to 'F2' from 'F1'.
"Old Mutual's latest announcements are particularly disappointing, and follow a long series of negative surprises in respect of the U.S. Life operations," Fitch said. "They call into question management's oversight of the U.S. Life business, which has resulted in the group's review of its risk and governance operating model."
TFN.newsdesk@thomson.com jro
17-09-08, 20:22
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