Moody’s changes Old Mutual to negative

Moody's Investors Service said it affirmed the Baa1 insurance financial strength rating of Old Mutual Life Assurance Co. (South Africa) Ltd. and the Baa3 senior debt rating of Old Mutual plc.

The outlook was revised to negative from stable.

Moody’s said the actions follow its Dec. 15 revision of the Government of South Africa's (Baa2 negative) rating outlook to negative from stable to reflect deterioration in the credit profile of the sovereign.

The Old Mutual actions also reflect the weaker credit profile of the South African banking system, as well as the change in the outlook for its subsidiary, Nedbank Ltd. (Baa2, negative for long-term deposits) to negative from stable.

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