Standard and Poor's(S&P) has downgraded pension provider Scottish Equitable and warned on the restructure of parent company Aegon.
S&P downgraded Scottish Equitable from AA- to A+, as earnings suffered under turbulent investment market conditions.
Parent Aegon is currently looking to cut its costs by 25%, aimed at sharpening its focus and improving Aegon's proposition to customers and shareholders.
However, S&P expressed doubts about the benefits of this restructure.
Standard and Poor's says: "The restructuring, in our view, carries execution risk in delivering the material 25% reduction in costs while maintaining the strength of its franchise during a period of significant managerial, strategic, and operational change."
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