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Article: S&P Cuts Ratings on Equitable Life to 'BB'; On Watch Negative.
- Article from:
- PR Newswire
- Article date:
- December 8, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON, Dec. 8 /PRNewswire/ --
Standard & Poor's today lowered the counterparty credit and insurer financial strength ratings on The Equitable Life Assurance Society to double-'B' from triple-'B'.
This action follows the announcement from Equitable Life that it has failed to find a buyer and has closed to new business with immediate effect. It also reflects concerns over the pressure on statutory solvency and the impact on policyholder benefits of the actions required to maintain solvency and liquidity. Although the company is closed to new business, no regulatory action has been taken and the company continues to meet its statutory solvency ...