Fitch revises Phoenix view to stable

Fitch Ratings said it revised the outlooks of Phoenix Group Holdings plc and its main operating life companies to stable from positive.

The outlook change is based on the significant uncertainty created by the global coronavirus pandemic, which has resulted in high levels of volatility in capital markets. This, in turn, has resulted in a sharp drop in interest rates, as well as significant variability in stock, bond and derivative prices.

The combination will likely pressure earnings and variability in capital levels for the U.K. life insurance sector, the severity and duration of which is impossible at this time to predict. Fitch believes these conditions no longer support a positive outlook.

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