S&P ups Storebrand entities

S&P said it raised to A- from BBB+ the long-term issuer credit ratings on the core operating entities of the Storebrand group, including Storebrand Livsforsikring AS and Storebrand Bank ASA.

The agency also raised the issuer credit ratings on the group's nonoperating holding company, Storebrand ASA, to BBB from BBB-.

The outlook is stable.

“The upgrade reflects a view that Storebrand's capital positon and earnings generation capacity have sustainably improved in recent years,” S&P said in a news release.

“We believe Storebrand is processing the shift in its product portfolio well, as it focuses more on capital-light products, such as unit-linked products, and asset management.

“In our view, this strategy will ensure lower capital needs over time.”

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