S&P lower Friends Provident

Standard & Poor's said it lowered the long-term counterparty credit rating on Friends Provident plc to BBB+ from A- and removed its ratings from CreditWatch with negative implications, where they had been placed on Nov. 16.

The outlook is negative.

The downgrade follows the group's announced change in strategic direction that S&P said could weaken the group's competitive position and earnings profile. The negative outlook reflects the execution risk associated with successful delivery of the new strategy, the agency added.

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