Moody's: Old Mutual up to stable

Moody's Investors Service said it changed the outlook to stable from negative for Old Mutual plc (senior debt rating A3), Old Mutual Finance (senior debt rating A3), Old Mutual Life Assurance Co. of South Africa (local currency IFSR A1), F&G Life (IFSR A3) and Old Mutual Capital Funding (preferred stock Baa2). Ratings on majority owned Nedbank remained with a stable outlook.

At the same time, Moody's announced it will assign a rating of Baa2 with stable outlook to the perpetual preferred securities soon to be issued by Old Mutual plc.

Moody's said that since the negative outlook was assigned in May 2004, a number of factors have changed in favor of Old Mutual, including the Pilgrim Baxter market conduct fines were concluded at comparatively low levels and the issue is now resolved, a recovery in earnings at Nedcor and a marked rise in the South African stock market.

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