Fitch downgrades Old Mutual

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

The agency also downgraded Old Mutual Life Assurance Co. (South Africa) Ltd.'s subordinated debt to AA-(zaf) from AA(zaf) and affirmed its national insurance financial strength rating at AAA(zaf).

The outlooks are stable.

Fitch said the actions follow the downgrade of South Africa's long-term foreign currency issuer default rating to BBB/stable from BBB+/negative and long-term local currency issuer default rating to BBB+/stable from A/negative.

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