Standard Life got a shot in the arm with an upgrade by Moody's Investor Service to ‘stable' from ‘negative' on the basis the downside of demutualization is more limited than previously thought, The Scotsman reports.
The change in outlook for the firm follows a period of 18 months during which Moody’s, like others, have been keeping a close watch on all parts of Standard’s business. ”The rating agency added that Standard Life has made good progress in re-positioning its core UK life and pension business to achieve profitable growth, although it said that ‘further progress is needed ahead of the planned flotation’ in 2006,” The Scotsman writes. A reduction in equity exposure, cost cutting, removal of enhanced bonus rates linked to the promise of mutuality, and limiting the mortgage endowment promis...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes