S&P puts Singapore Life on developing watch

S&P said it placed Singapore Life Pte. Ltd.’s BBB issuer rating on CreditWatch with developing implications after the company reported it will merge with Aviva Ltd.

“We are unable to assess the financial impact of the transaction on the combined entity until financial details are available. In particular, the effects of intangibles (such as goodwill and deferred acquisition costs) and that of financing on financial leverage and capital adequacy remain uncertain,” S&P said in a press release.

The agency said it could raise, affirm or lower its ratings on Singapore Life once it has enough information to assess the new entity Aviva Singlife.

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