S&P cuts Equitable Mortgages

Standard & Poor's said it lowered the issuer credit ratings on Equitable Mortgages Ltd. to D/D from C/C. The C/C ratings on sister company Equitable Life Insurance Co Ltd. remain on CreditWatch with negative implications.

"The rating action reflects our view that EML is unable to service, on time and in full, its debenture obligations due today," S&P analyst Mark Legge said in a statement.

The C/C rating recognizes that it continues to make full and timely payments on its bond obligations, according to the agency.

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