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Norwich Union Life Australia Ltd. 'A' Ratings On CreditWatch Positive On Announced Sale To National Australia Bank Jun 09 Product Image

Norwich Union Life Australia Ltd. 'A' Ratings On CreditWatch Positive On Announced Sale To National Australia Bank Jun 09

  • Published: June 2009
  • Standard & Poors

Abstract
MELBOURNE (Standard & Poor's) June 23, 2009--Standard & Poor's Ratings Services said today its 'A/Stable' counterparty credit and financial strength ratings on Norwich Union Life Australia Ltd. (trading as "Aviva Australia") were placed on CreditWatch with positive implications on the announcement that National Australia Bank Ltd. (NAB, AA/Stable) has agreed to purchase Aviva Australia Holdings' wealth management business, including its life insurance operations and investment platform business. The positive CreditWatch action suggests the likely higher rating outcome on Norwich Union Life Australia Ltd. on finalization of the acquisition, which is subject to regulatory approval and expected to close in the third or fourth quarter of 2009. "The ratings are likely to be raised by one or two notches with the...

Companies mentioned in this report are: WM Life Australia Ltd.,National Australia Bank Ltd.
Action: On CreditWatch:Positive

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WM Life Australia Ltd.,National Australia Bank Ltd.

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