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Prospect News home > News index > List of issuers F > Headlines for F&G Life Re Ltd. > News item |
S&P puts FGL on watch
S&P said it placed its BB+ long-term issuer credit ratings on Fidelity & Guaranty Life Holdings Inc., FGL Holdings and CF Bermuda Holdings Ltd. on CreditWatch with positive implications. The agency also placed the BBB+ long-term issuer credit ratings on operating subsidiaries Fidelity & Guaranty Life Insurance Co., Fidelity & Guaranty Life Insurance Co. of New York and F&G Life Re Ltd. (collectively with the holding companies, F&G) on CreditWatch with positive implications. At the same time, S&P affirmed its BBB long-term issuer credit rating on Fidelity National Financial Inc. The outlook remains stable.
The CreditWatch placement with positive implications follows the announcement of Fidelity National's intention to acquire F&G for about $2.7 billion.
“We believe the acquisition is generally neutral to our view of F&G's business and financial risk, and it does not affect our view of overall stand-alone creditworthiness. We regard the company's business risk profile as satisfactory, driven by its concentration in fixed-indexed annuity product and independent market organization distribution, which makes it somewhat more vulnerable to adverse operating conditions. Additionally, the satisfactory financial risk profile is unaffected,” said S&P in a press release.
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