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Fitch downgrades Old Mutual
Fitch Ratings said it affirmed Old Mutual plc's subordinated debt at BB.
The agency downgraded the long-term issuer default rating to BB+ from BBB.
The outlook is stable.
Fitch withdrew the ratings for commercial reasons.
The agency said the actions complete a series of rating reviews tied to a corporate reorganization that was first announced by Old Mutual in March 2016.
The ratings are driven by a group assessment of the Old Mutual Ltd. group, including Old Mutual plc, Fitch said.
“The rating actions on OMP's IDR reflect its very narrow operational focus post the restructuring, which is now limited to holding outstanding sterling-denominated debt,” the agency said in a news release.
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