Fitch affirms Scottish Re

Fitch Ratings said it affirmed Scottish Re's BBB long-term issuer rating as well as the ratings on all its outstanding debt and affirmed the A insurer financial strength ratings of all operating subsidiaries.

The outlook is stable.

Fitch said the ratings action follows Scottish Re's announcement Monday that it has agreed to acquire ING's individual life reinsurance business via a 100% indemnity reinsurance transaction. As part of the transaction, ING will transfer assets equal to reserves of about $800 million and a ceding commission of $560 million.

In affirming the ratings, Fitch concluded that the ratings strengths of the transaction outweighed certain ratings concerns.

Fitch affirmed Scottish Re Group Ltd.'s long-term issuer rating at BBB, senior debt at BBB, and hybrid capital units at BBB-; Scottish Annuity & Life Insurance Co. (Cayman) Ltd.'s insurer financial strength rating at A; Scottish Re (U.S.) Inc.'s insurer financial strength rating at A; and Scottish Re Ltd.'s insurer financial strength at A.

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