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Bulletin: Swiss Life Ratings And Outlook Unaffected by Plans To Buy MLP Stake And Increase AWD Share Aug 08
Standard & Poors, Aug 2008
Abstract
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
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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