Moody’s might drop Old Mutual

Moody's Investors Service said it placed the Baa1 insurance financial strength rating of Old Mutual Life Assurance Co. (South Africa) Ltd, the A2 insurance financial strength rating of Old Mutual Wealth Life Assurance Ltd. and the Baa3 senior debt rating of Old Mutual plc on review for downgrade.

Moody’s said the action follows the review for downgrade of the Baa2 debt rating of the Government of South Africa, which reflects deterioration in the credit profile of the sovereign.

The Old Mutual rating actions also reflects the weaker credit profile of the South African banking system, as well as the review for downgrade of its subsidiary, Nedbank Ltd. (Baa2, review for downgrade, for long term deposits) following the sovereign being placed on review.

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