Moody’s gives Rothesay Life IFSR A3

Moody's Investors Service said it assigned an A3 insurance financial strength rating and a Baa1 issuer rating to Rothesay Life plc, the main operating company of the Rothesay Group.

The agency also assigned a Baa2 issuer rating to Rothesay's ultimate holding company, Rothesay Holdco UK Ltd.

The outlook is stable.

Moody's said the A3 insurance financial strength rating reflects Rothesay's good market position in the growing U.K. bulk annuity market and proven ability to acquire sizeable annuity portfolios, together with its good asset quality, profitability and financial flexibility.

These strengths are mitigated somewhat by the group's limited business and geographic diversification with a focus on the lumpy U.K. annuity business, very high asset leverage and a relatively moderate Solvency II ratio, the agency explained.

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