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Equitable downgraded by Moody&#39s

Equitable Life&#39s financial strength rating has been downgraded by Moody&#39s according to the Financial Times.


The Moody&#39s has reduced Equitable&#39s financial strength rating from Aa3 to A1.


The ratings agency says it has downgraded the life office because of the increased pressure on its minimum solvency brought about by the need to make provision for guaranteed annuities.


The agency says Equitable has more than the industry average of guaranteed annuities.

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