Moody's confirms Friends Provident

Moody's Investors Service said it confirmed its ratings on Friends Provident plc with a stable outlook (A1 IFSR of Friends Provident Life And Pensions Ltd).

The agency said that the rating action concludes the review initiated on July 25 and follows the announcement that the merger agreement between Resolution plc and Friends Provident has been terminated.

Moody's noted that it had previously placed its ratings of Friends Provident on review for possible downgrade 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, the agency said.

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