Fitch ups Old Mutual

Fitch Ratings said it upgraded Old Mutual plc's long-term issuer default rating to A- from BBB+ and senior unsecured debt to BBB+ from BBB.

The outlook is stable.

The upgrade reflects the completion of Old Mutual's sale of its U.S. life onshore business to Harbinger Capital Partners LLC, Fitch said, and an analysis of Old Mutual's 2010 results and updated financial projections.

The final terms of the sale were at the favorable end of expectations, leaving Old Mutual with only minimal residual risk from the U.S. life business, the agency said.

This transaction results in a substantial improvement in the group's risk profile, Fitch added.

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