Standard & Poor’s has announced:
- We believe that the prospective earnings profile of Manulife Financial’s U.S. operations will be weaker than we previously expected given the current economic environment.
- In addition, we expect the volatility associated with Manulife Financial’s net earnings and capital to remain elevated over the intermediate term, until it makes more progress in reducing and containing its risks more in line with its updated risk tolerances.
- We have lowered our counterparty credit and financial strength ratings on Manulife Financial’s core and guaranteed insurance operating subsidiaries to ‘AA-‘ from ‘AA’ and our counterparty credit rating on Manulife Financial (the holding company) to ‘A-‘ from ‘A’.
- The outlook is stable.
This follows their Credit Watch Negative in November and the downgrade to P-2(high) in August.
Manulife has a fair batch of preferreds outstanding: MFC.PR.A, MFC.PR.B, MFC.PR.C, MFC.PR.D and MFC.PR.E.
This entry was posted on Monday, December 13th, 2010 at 11:42 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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MFC Prefs Downgraded to P-2 / BBB by S&P
Standard & Poor’s has announced:
This follows their Credit Watch Negative in November and the downgrade to P-2(high) in August.
Manulife has a fair batch of preferreds outstanding: MFC.PR.A, MFC.PR.B, MFC.PR.C, MFC.PR.D and MFC.PR.E.
This entry was posted on Monday, December 13th, 2010 at 11:42 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.