Moody's ups Old Mutual view to stable

Moody's Investors Service said it changed the outlook to stable from negative on the Old Mutual plc group ratings.

The ratings assigned a stable outlook include Old Mutual plc A3 senior debt ratings, Baa2 subordinated debt ratings, Baa2 junior subordinated debt ratings, Baa2 preferred debt ratings; Old Mutual Capital Funding LP's Baa2 preferred debt ratings; Old Mutual Life Assurance Co.'s (South Africa) A1 insurer financial strength rating; and OM Financial Life Insurance Co.'s A3 insurer financial strength rating.

The ratings placed under review for possible upgrade include Skandia Insurance Co. Ltd.'s A3 insurer financial strength rating; Skandia Life Assurance Co. Ltd.'s A3 insurer financial strength rating and Skandia Capital AB's Baa1 guaranteed senior debt.

The agency also affirmed Old Mutual plc's commercial paper rating at Prime-2.

Moody's said the actions reflect its view that the vast majority of expectations at the current rating level continue to be met by the group.

However, new sales and business profitability levels within Skandia's Nordic division continue to be of concern following a number of strategic challenges, the agency said.

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