S&P cuts Commonwealth Annuity view to negative

Standard & Poor's said that it revised its outlook on Commonwealth Annuity and Life Insurance Co. to negative from stable.

S&P also said that it affirmed its A- counterparty credit and financial strength ratings on the company.

The negative outlook on Commonwealth mirrors the negative outlook on its parent company, Goldman Sachs.

According to S&P, the rating on Commonwealth reflects its strong earnings and capital position and its strategic importance to Goldman Sachs. Commonwealth's improving - but narrow - competitive position, opportunistic strategy and dependence on its parent for capital to complete significant transactions partially offset these strengths, the agency said.

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