S&P puts Manulife on watch

Standard & Poor's said it placed the AA- long-term counterparty credit rating on Manulife Financial Corp. on CreditWatch with negative implications.

"The CreditWatch negative on MFC, the holding company, reflects the implications of its planned reorganization that would make its primary U.S. subsidiaries wholly owned indirect subsidiaries of Manufacturers Life Insurance Co.," S&P analyst Robert Hafner said in a statement.

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