Scottish Equitable downgraded by S&P

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 operation...