S&P revises BrightHouse to positive

Standard & Poor's said it revised its outlook on BrightHouse Group Ltd. to positive from stable and affirmed its B- long-term corporate credit rating on the company.

At the same time, the agency affirmed its B- issue rating on BrightHouse's £220 million senior secured notes. The recovery rating on these notes is 3, indicating an expectation of meaningful (50%-70%) recovery prospects in the event of a payment default.

S&P said the outlook revision reflects its expectation that BrightHouse should be able to maintain its solid operating performance, improve its free cash flow generation profile, and enhance its credit metrics. The agency also factors in its assumption that the company should be able to cope with regulatory pressure over the next couple of years.

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