Moody's: Old Mutual notes Baa3

Moody's Investors Service said it assigned a proposed Baa3 (hyb) rating to the dated subordinated notes to be issued by Old Mutual plc (senior debt Baa1/stable).

The rating is based on the expectation that there will be no material difference between current and final documentation in relation to the notes, the agency said.

The subordinated notes will rank pari passu with Old Mutual's existing $750 million preferred security issued in 2003, which has been callable since December 2008.

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