Standard Life upgraded by Moody's - papers 17 June

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...