Bulletin: Swiss Life Ratings And Outlook Unaffected by Plans To Buy MLP Stake And Increase AWD Share Aug 08
- ID: 2023895
- August 2008
- Region: Switzerland
- Standard & Poors
FRANKFURT (Standard & Poor's) Aug. 14, 2008--Standard & Poor's Ratings Services said today its ratings and outlook on Switzerland-based Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt (A-/Negative/--) and Swiss Life Holding (BBB/Negative/--) remain unchanged, following the announcement of the group's intention to acquire a 26.75% stake in Germany-based financial services broker MLP AG and to increase its stake in AWD Holding AG (AWD; not rated) to 96.71%. As part of the deal, AWD's CEO will buy a 3% stake in Swiss Life Holding. The total cash consideration for both transactions will be about Swiss franc (CHF) 700 million. At the same time, Swiss Life announced that it will suspend CHF1.5 billion of its share buyback program planned for 2009. Swiss Life management...
Companies mentioned in this report are:
- Swiss Life AG
- Swiss Life Holding AG
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