S&P rates Old Mutual Life notes zaAA-

S&P said it assigned a South Africa national scale issue rating of zaAA- to the unsecured deferrable subordinated notes to be issued by Old Mutual Life Assurance Co. (South Africa) Ltd.

The proceeds will be used for general corporate purposes.

The agency said it will apply a one-notch downward adjustment to the global scale ratings on the issuer for deferability and another two to the resulting national scale rating for subordination.

The agency said it rates the proposed notes three notches lower than the zaAAA South Africa national scale rating on Old Mutual Life.

Any potential rating action on the global scale sovereign rating on South Africa could have a multiple-notch effect on our national scale issue ratings on the company, S&P added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.