S&P cuts MetLife

S&P said it lowered its long-term issuer credit and financial strength ratings on MetLife Ltd. to BBB+ from A+ as the insurer will no longer benefit from a three-notch rating uplift from group support.

The outlook is developing to reflect the rating agency’s view that its ratings could change depending on the progress of the sale of the Hong Kong-based entity to FWD Management Holdings Ltd.

S&P said it views the entity as “non-strategic to the U.S.-based MetLife Inc.”

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