S&P downgrades Prudential

S&P said it lowered its long-term issuer credit rating on Prudential plc to A from A+ and affirmed its A-1 short-term rating.

The agency also lowered to AA- from AA the long-term issuer credit ratings Jackson National Life Insurance Co., Jackson National Life Insurance Co. of New York and Prudential Assurance Co. Singapore (Pte.) Ltd.

S&P affirmed the A-1+ short-term rating on Jackson National Life Insurance and lowered the long-term issuer credit rating on Prudential Assurance Co. Ltd. to A+ from AA.

The outlook is stable.

The agency said that all long-term issue ratings for the entities moved in tandem with their respective issuer credit ratings.

“Our actions follow insurance group Prudential's announcement that it intends to demerge its U.K. operations from the rest of the group and reflect that we believe the demerger will successfully take place,” S&P said in a news release.

“However, we note that the demerger is still subject to regulatory and shareholder approval.”

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