Fitch puts Old Mutual on watch, changes Quilter view

Fitch Ratings said it revised the outlook on Quilter plc's issuer default rating to negative from stable.

At the same time, the agency affirmed the issuer default rating at A- and subordinated notes at BBB-.

The agency also placed the ratings of Old Mutual Wealth Life Assurance Ltd. on rating watch evolving.

Fitch said the actions follow Quilter's announcement on July 4 that the group is undertaking a strategic review in relation to Old Mutual, which includes the possibility of its disposal.

The negative outlook is driven by a view that a disposal of Old Mutual could weaken Quilter's overall credit profile, Fitch said.

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