Moody’s cuts Standard Life Aberdeen debt

Moody's Investors Service said it downgraded Standard Life Aberdeen plc’s subordinated debt rating backed by Standard Life Assurance Ltd. to Baa1(hyb) from A3(hyb) and junior subordinate debt rating backed by Standard Life Assurance to Baa2(hyb) from Baa1(hyb).

Moody's affirmed Standard Life Aberdeen’s issuer rating at A3, subordinated debt rating at Baa1(hyb).

The action follows the completion of the sale of Standard Life Assurance to Phoenix Group, the agency said.

While the debt instruments issued by Standard Life Aberdeen and backed by Standard Life Assurance will retain their guarantee, Moody's said it considers the guarantee to be weaker as it is now provided by an entity outside of the Standard Life Aberdeen group.

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