Scottish Mutual Assurance PLC Feb 05
- ID: 1712726
- February 2005
- Region: Scotland
- Standard & Poors
Implicit support from Abbey National PLC; and Improved stand-alone risk profiles of Scottish Mutual Assurance PLC and Scottish Provident Ltd. Weak competitive position; and Uncertain long-term strategy of Scottish Mutual Assurance PLC. The ratings on U.K.-based insurers Scottish Mutual Assurance PLC (SMA) and Scottish Provident Ltd. (SPL) reflect the implicit support that Abbey National PLC (Abbey; A+/Stable/A-1) will continue to provide to the companies following Abbey's acquisition by Banco Santander Central Hispano, S.A. (Santander; A+/Stable/A-1), and the improved stand-alone risk profiles of SMA and SPL. These positive factors are offset by the companies' weak competitive position and the uncertain long-term strategy of SMA. Standard & Poor's expects Santander, through Abbey, to continue supporting SMA and SPL in order to maintain...
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Research Type: Full Analysis
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