{"id":13362,"date":"2010-12-13T23:42:52","date_gmt":"2010-12-14T03:42:52","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=13362"},"modified":"2010-12-13T23:42:52","modified_gmt":"2010-12-14T03:42:52","slug":"mfc-prefs-downgraded-to-p-2-bbb-by-sp","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=13362","title":{"rendered":"MFC Prefs Downgraded to P-2 \/ BBB by S&amp;P"},"content":{"rendered":"<p>Standard &#038; Poor&#8217;s <a href=\"http:\/\/www.standardandpoors.com\/prot\/ratings\/articles\/en\/us\/?assetID=1245271310478\">has announced<\/a>:<\/p>\n<blockquote>\n<ul>\n<li>We believe that the prospective earnings profile of Manulife Financial&#8217;s U.S. operations will be weaker than we previously expected given the current economic environment.\n<li>In addition, we expect the volatility associated with Manulife Financial&#8217;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.\n<li>We have lowered our counterparty credit and financial strength ratings on Manulife Financial&#8217;s core and guaranteed insurance operating subsidiaries to &#8216;AA-&#8216; from &#8216;AA&#8217; and our counterparty credit rating on Manulife Financial (the holding company) to &#8216;A-&#8216; from &#8216;A&#8217;.\n<li>The outlook is stable.<\/ul>\n<\/blockquote>\n<p>This follows their <a href=\"http:\/\/www.prefblog.com\/?p=12848\">Credit Watch Negative in November<\/a> and the <a href=\"http:\/\/www.prefblog.com\/?p=11761\">downgrade to P-2(high) in August<\/a>.<\/p>\n<p>Manulife has a fair batch of preferreds outstanding: MFC.PR.A, MFC.PR.B, MFC.PR.C, MFC.PR.D and MFC.PR.E.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Standard &#038; Poor&#8217;s has announced: We believe that the prospective earnings profile of Manulife Financial&#8217;s U.S. operations will be weaker than we previously expected given the current economic environment. In addition, we expect the volatility &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-13362","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/13362","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13362"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/13362\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}