S&P cuts Fidelity Investments

Standard & Poor's said it lowered the counterparty credit rating on Fidelity Investments Life Insurance Co. and Empire Fidelity Investments Life Insurance Co. to A+ from AA-.

The outlook is negative.

The action results from a downgrade of the parent company, FMR LLC, which occurred on April 28.

"We consider both Empire Fidelity Investments and Fidelity Investments Life to be core to their parent," S&P analyst David Zuber said in a statement.

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