A.M. Best affirmed the financial strength ratings of Nationwide Group and its affiliated companies following an announcement that Nationwide Mutual Insurance Co. (Nationwide Mutual) had reached an agreement to buy Gartmore Investment Management plc (Gartmore) from the Royal Bank of Scotland Group plc.
In other ratings developments, S&P placed its ratings on Nationwide Mutual on CreditWatch with negative implications. Other members of the Nationwide Intercompany Pool received the same rating action.
S&P indicated that when the Gartmore transaction is approved by regulators and officially completed, it would remove the ratings from CreditWatch in addition to placing the following rating downgrades; counterparty credit and financial strength to “AA-” from “AA” on Nationwide Mutual and the pool members; subordinated debt to “A” from “A+” on Nationwide Mutual; counterparty credit to “AA-” from “AA” and subordinated debt to “A” from “A+” on Nationwide CSN Trust.
Finally, the long-term credit ratings of Nationwide Mutual and its affiliates were placed on review for possible downgrade by Moody’s Investors Service.
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