S&P: Friends Provident on watch

Standard & Poor's said it placed its A- long-term counterparty credit rating on Friends Provident plc on CreditWatch with negative implications.

This action follows the announcement that Friends Provident and Resolution plc (BBB+/Watch positive) are in advanced discussions regarding a possible merger, the agency noted.

At the same time, the ratings on Friends Provident Life and Pensions Ltd. were also placed on CreditWatch with negative implications, S&P said.

The agency noted that the CreditWatch placement reflects the current uncertainties regarding the potential merger, including whether an agreement will be reached between the two parties resulting in a formal proposal being put to shareholders.

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