Moody’s trims M&G

Moody’s Investors Service said it lowered M&G plc’s ratings, including the long-term issuer rating to A3 from A2 and the subordinated debt rating to Baa1(hyb) from A3(hyb). The agency also revised the outlook to stable from negative.

“The downgrade of the group's ratings reflects the limitations of its business profile, in terms of market position and diversification, that diminishes the resilience of its new business generation capabilities relative to Moody's expectations for double-A rated groups. In addition, the challenging macro and competitive conditions have made it more difficult to grow its business volumes significantly and replace the earnings and cash generated by its Heritage business that is running off,” the agency said in a press release.

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