S&P upgrades Equitable Life

Standard & Poor's said it raised The Equitable Life Assurance Society's long-term counterparty credit rating to B+ from B and Equitable Life Finance plc's junior subordinated debt rating to CCC+ from CCC-. The outlook is positive.

S&P said the upgrade of Equitable Life reflects the reducing risk in provisions and the society's improving, although weak, capitalization.

The ratings reflects the society's limited flexibility to manage its balance sheet and marginal operating performance, the agency, partially offset by its relatively low-risk investment profile and the progress made by management in reducing uncertainties and increasing stability.

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