S&P lowers Mandatum Life

S&P said it lowered its long-term issuer credit rating on Finnish life insurer Mandatum Life Insurance Co. Ltd. to A from A+.

The outlook is stable.

At the same time, S&P lowered the issue rating on Mandatum Life's subordinated debt to BBB+ from A-.

“The downgrade reflects Sampo plc's decision to demerge Mandatum Life. Although the demerger needs approval from the annual general meeting, we assume that the plans will likely go ahead. We therefore no longer consider Mandatum Life a longstanding, integral part of the Sampo group,” S&P said in a news release.

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