Moody's may upgrade Friends Provident

Moody's Investors Service said it placed all ratings of Friends Provident plc and its subsidiaries on review for possible upgrade, including Friends Provident Life & Pensions' A2 insurance financial strength rating, Friends Provident plc's Baa2 senior unsecured convertible bond, guaranteed junior subordinated debt and STICS ratings and Friends Provident Finance's Baa1 guaranteed junior subordinated debt.

This action follows a sustained period of improvement within the business since Moody's view assignment a positive outlook in May 2005. In the agency's opinion, the amount and quality of capital available and earnings diversity have increased at the group level.

The significant risk management activity undertaken by the group over the past few years, both in terms of new business product design and in force portfolio hedging, further underpins Moody's view that profitability and the capital base are considerably less vulnerable than in the recent past.

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