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Fitch may up Momentum, drop Metropolitan
Fitch Ratings said it placed Momentum Group Ltd.'s national insurer financial strength rating of AA+(zaf) and national long-term rating of AA(zaf) on Rating Watch negative, along with its national long-term rating of A+(zaf) on its subordinated debt.
The agency also said it placed Metropolitan Life Ltd.'s insurer financial strength rating of AA-(zaf) and national long-term rating of A+(zaf) on Rating Watch positive, along with its national long-term rating of A-(zaf) on its subordinated debt. Fitch also said it placed Metropolitan Holdings Ltd.'s national long-term rating of A(zaf) on positive watch.
The watch placement follows a joint statement from Momentum and Metropolitan Holdings announcing a proposed merger of the two insurance companies, Fitch said.
Momentum is merging with a lower-rated entity, together with heightened risks associated with execution and integration, the agency said, and Metropolitan is merging with a higher-rated entity.
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