Standard & Poor’s Ratings Services has revised its outlook on Norway’s Storebrand Livsforsikring AS (Storebrand Liv) and Storebrand ASA to negative from stable. S&P also affirmed its ‘A’ long-term counterparty credit and insurer financial strength ratings on Storebrand Liv and its ‘BBB+’ long-term counterparty credit rating on Storebrand ASA. “The outlook revision follows Storebrand Liv’s proposed acquisition of Sweden-based insurer SPP (not rated) from Svenska Handelsbanken (AA-/Stable/A-1+),” said the bulletin. S&P also indicated, although “Storebrand management is likely to successfully add longer term value to the group through this acquisition, there remain some shorter term risks that are reflected in the negative outlook.”
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