Moody's lowers Nest Investments

Moody's Investors Service said it downgraded to Ba3 from Ba2 the long-term issuer ratings of Nest Investments (Holdings) Ltd. and placed the ratings on review for further downgrade.

The downgrades follow the extended delay in publishing of its 2017 audited financial statements due to delayed publication of financial statements for its main reinsurance subsidiary, Trust Re, as well as ongoing regulatory reviews at Trust Re, Moody's said.

The action reflects the expected negative impact of those events on the group's operating performance and financial flexibility, the agency said.

Moody's also said it placed the Ba3 rating under review for downgrade to reflect the uncertainty around the group's financial performance in the absence of audited financial statements.

The review will focus on the group's 2017 and 2018 operating performance and financial position, along with the outcome of regulatory reviews of the group's business, the agency said.

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