Moody's may cut Friends Provident

Moody's Investors Service said it placed its ratings on Friends Provident plc on review for possible downgrade. The action follows news that Philip Moore, the chief executive, resigned and that the group was working on a detailed review of its strategic options.

The ratings on downgrade review include Friends Provident Life & Pensions Ltd.'s A1 insurance financial strength; FP Finance plc's A3 guaranteed subordinated debt; and Friends Provident plc's Baa1 senior debt and Baa1 guaranteed junior subordinated debt.

The action reflects the current lack of visibility with regard to Friends Provident's strategic objectives and future prospects, Moody's said.

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