Research Update: CMG Asia Ltd. On WatchPos On CBA Decision To Sell Jul 05
- ID: 2054333
- July 2005
- Region: Asia
- Standard & Poors
On July 6, 2005 Standard & Poor's Ratings Services placed its 'BBB+' insurer financial strength and counterparty credit ratings on CMG Asia Ltd. (CMG Asia) on CreditWatch with positive implications after Commonwealth Bank of Australia (CBA, AA-/Stable/A-1+) said it had agreed to sell the company (as well as its Hong Kong based pension and financial planning businesses) for about A$600 million to Sun Life Financial Inc. (A+/Positive/A-1). The CreditWatch placement and its positive implications reflect the expected benefits of CMG Asia's prospective ownership by Sun Life Financial Inc. in terms of additional business development and the new owner's own endeavors to expand in Hong Kong and elsewhere in Asia. The CreditWatch placement will be resolved once the transition and necessary...
Companies mentioned in this report are:
- Sun Life Hong Kong Ltd.
- Commonwealth Bank of Australia
- Sun Life Financial Inc.
Action: On CreditWatch:Positive
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.
Product Type: Research Update
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