Fitch upgrades Old Mutual

Fitch Ratings said it upgraded Old Mutual plc’s long-term issuer default rating to BBB+ from BBB.

Old Mutual’s short-term issuer default rating and commercial paper also were upgraded to F2 from F3.

Old Mutual Life Assurance Co.’s (South Africa) national insurer financial strength rating also was affirmed at AAA(zaf) and Old Mutual Wealth Life Assurance Co. Ltd.’s insurer financial strength rating was affirmed at A-.

The outlook is stable.

The upgrades reflect the application of updated criteria relating to sovereign constraints, Fitch said.

The agency recently updated its notching criteria for the insurance sector.

The ratings reflect Old Mutual’s position as the market-leading life insurer and largest fund manager in South Africa, Fitch said, and its significant presence in the U.K. savings market.

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