New credit rating agency - OMLAC(SA)

RNS Number : 3566W

Old Mutual PLC

26 April 2016

 

Old Mutual plc

Ref 287/16

26 April 2016

nEW CREDIT RATING AGENCY - OMLAC(SA)

Old Mutual Life Assurance Company (South Africa) Limited "(OMLAC(SA))" advised note-holders on 19 January 2016 of the extended validity period to 30 April 2016 relating to the ratings assigned to OMLAC(SA) by Fitch Ratings. OMLAC(SA) would like to advise that they have appointed Standard and Poor's (S&P) as their new credit rating agency. 

S&P has today published the full rating report on OMLAC(SA) which is available online at: www.standardandpoors.com and www.oldmutual.com.

As per S&P's report, the ratings reflect OMLAC(SA)'s strong positioning in the South African life insurance market, as demonstrated by its leading positions in diversified product segments and its diversified sales forces. Other credit strengths include OMLAC(SA)'s resilient balance sheet, resulting from prudent capital and reserve buffer policies.

S&P has therefore assigned OMLAC(SA) a 'zaAAA' long-term South African national scale counterparty credit rating and a 'zaAA+' South African national scale issue rating to the 10 subordinated note issuances under the South African (ZAR) 10 billion medium-term note program.  

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles             UK        [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to 18.9 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2015, the Group reported adjusted operating profit before tax of £1.7 billion and had £304 billion of funds under management from core operations (excluding Rogge).

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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