Fitch rates Old Mutual Life notes AA+(zaf)

Fitch Ratings said it has assigned Old Mutual Life Assurance Co. (South Africa) Ltd.'s proposed issue of unsecured subordinated callable notes an expected national scale rating of AA+(zaf).

At the same time, Fitch has assigned to Old Mutual Life Assurance national insurer financial strength and long-term AAA(zaf) ratings with stable outlooks.

The company's ratings reflect its dominant position in the South African financial services market, very strong capitalization, strong operating performance and diversity of businesses.

Offsetting factors are the challenging and competitive environment it faces and the continuing challenge to improve performance at its part-owned subsidiary Nedbank Ltd. (national long-term AA-(zaf).

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