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Equitable deemed “unstable”

Equitable Life has taken a further blow after ratings agency Moody&#39s downgraded its financial strength and debt outlook from stable to negative.


The news follows last month&#39s Court of Appeal ruling that Equitable had acted unlawfully in reducing bonuses for 90,000 policyholders with guaranteed annuity rates.


The next step in the proceedings will take the case before the House of Lords on an unconfirmed date.


Moody&#39s says of Equitable: “The change reflects the increasing risk that there may be some further damage to Equitable&#39s franchise should it lose its case.&#39

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