Asteron Life rating downgraded
S&P have lowered Asteron Life's financial strength and issuer credit ratings to 'A' from 'A+'. After a review, S&P has given Asteron Life Ltd a stand-alone credit profile (SACP), which reflects the insurer's satisfactory business risk profile, of 'a-'.
The reason given for the downgrade is an expectation of reduced support from Suncorp Group Ltd in the leadup to the sale of Asteron Life, due to be completed at the end of January 2025. S&P have stated that the ratings on Asteron are on CreditWatch because they believe they will likely lower the ratings if the sale proceeds, with a likely outcome of a one notch ratings downgrade.
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