Recipient email addresses will not be used in mailing lists or redistributed.
Use semicolon to separate each address, limit to 20 addresses.
characters you see
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
Don't want to see this again?
Accept our to continue to Moodys.com:
AND SCROLL DOWN!
By clicking “I AGREE” [at the end of this document],
you indicate that you understand and intend these terms and conditions to be
the legal equivalent of a signed, written contract and equally binding, and
that you accept such terms and conditions as a condition of viewing any and all
Moody’s information that becomes accessible to you [after clicking “I AGREE”] (the
“Information”). References herein to “Moody’s” include Moody’s
Corporation, Inc. and each of its subsidiaries and affiliates.
Terms of One-Time Website Use
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
acknowledge and agree that Moody’s credit ratings: (i) are current opinions of
the future relative creditworthiness of securities and address no other risk; and
(ii) are not statements of current
or historical fact or recommendations to purchase, hold or sell particular
securities. Moody’s credit ratings and
publications are not intended for retail investors, and it would be reckless
and inappropriate for retail investors to use Moody’s credit ratings and
publications when making an investment decision. No
warranty, express or implied, as the accuracy, timeliness, completeness,
merchantability or fitness for any particular purpose of any Moody’s credit
rating is given or made by Moody’s in any form whatsoever.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
18 Feb 1999
MOODY'S CONFIRMS AEGON'S DEBT AND INSURANCE FINANCIAL STRENGTH RATINGS; TRANSAMERICA CORPORATION DEBT PLACED ON REVIEW FOR POSSIBLE UPGRADE (SENIOR AT A2)
Moody's Investors Service confirmed Aegon N.V.'s Aa3 senior unsecured debt rating, its A1 subordinated debt rating and its P-1 commercial paper rating. Transamerica Corporation's A2 senior debt rating, A3 junior subordinated and subordinated debt ratings, and "a2" preferred stock rating have been placed on review for possible upgrade. In a separate press release, Moody's confirmed the ratings of Transamerica Finance Corporation at A3/Prime-1 and changed the outlook to uncertain.
Moody's also confirmed the Aegon group's other ratings including the Aa2 insurance financial strength ratings of Scottish Equitable plc (Long-term Fund); the Aa3 insurance financial strength rating and the P-1 short-term rating of Peoples Benefit Life Insurance Company; the Aa3 insurance financial strength ratings and the P-1 short-term rating of Monumental Life Insurance Company and the A1 senior debt of Commonwealth General Corporation. Moody's changed from stable to negative the outlook for Aegon N.V.'s Aa3 senior debt and A1 subordinated debt ratings, and for the A1 senior debt rating of Commonwealth General Corporation and the "a1" preferred stock rating of Commonwealth General Corporation LLC. The outlook for all the other ratings mentioned above remains stable.
Moody's also confirmed the Aa3 insurance financial strength ratings of Transamerica Occidental Life Insurance Company and Transamerica Life Insurance and Annuity Company. The ratings outlook for both companies has been changed to stable from negative. Additionally, Transamerica Corporation's P-1 short-term debt rating has been confirmed.
Moody's said that these rating actions follow the announcement by Aegon of its agreed $9.7 billion take-over of Transamerica Corporation, the US provider of life and annuities products as well as commercial finance, leasing and real estate services. Aegon's bid is subject to acceptance by Transamerica's shareholders and Aegon's shareholders, as well as regulatory authorities. If successful, the bid will greatly increase Aegon's existing presence in the US life and annuities market, in particular in traditional and universal life, fixed annuities, stable value investments and structured settlements. In addition, the rating agency said that Aegon will gain first time entry to life reinsurance and to the Canadian life insurance and annuities market. The acquisition of these businesses will take Aegon into the top five providers of life insurance and annuities in the US. Cost savings will be achievable, although these are not expected to exceed some $150 million annually. Aegon will also acquire significant non-insurance operations, including commercial finance, leasing and real estate services.
Moody's noted that the business rationale of Aegon's bid for Transamerica is sound and consistent with its stated strategy of developing its international life insurance operations. The bid will bring advantages to its US business of greater critical mass, cross-sell opportunities, some cost savings and a strong brand name. Moody's added that the acquisition price also appears reasonable compared with the current market values of life insurance businesses internationally. Nevertheless, the acquisition involves risk including increased financial leverage and integration issues, the rating agency said.
Aegon's funding of this acquisition involves fresh equity and debt, and although this will result in an increase in its financial leverage, Moody's believes that Aegon will take steps to reduce it over the medium term. Moody's also considers that Transamerica's non-insurance operations may not be long term holdings for Aegon since Aegon has demonstrated in the past its strong focus on its core life insurance operations which Moody's believes will continue to be its strategy going forward. The change in outlook from stable to negative for Aegon's debt ratings reflects the uncertainty regarding the future of these non-insurance operations and the medium term increase in financial leverage.
The following ratings have been confirmed:
Aegon N.V.-- Aa3 senior unsecured debt rating, A1 subordinated debt rating and Prime-1 short-term debt rating
Scottish Equitable plc (Long-term Fund) -- Aa2 insurance financial strength rating
Commonwealth General Corporation -- A1 senior debt rating
Commonwealth General Corporation LLC -- "a1" preferred stock rating
AUSA Life Insurance Company, Inc. -- Aa3 insurance financial strength rating and Prime-1 short-term rating
Bankers United Life Assurance Company -- Aa3 insurance financial strength rating
Life Investors Insurance Company of America -- Aa3 insurance financial strength rating
Monumental Life Insurance Company -- Aa3 insurance financial strength rating and Prime-1 short-term rating
PFL Life Insurance Company -- Aa3 insurance financial strength rating
Peoples Benefit Life Insurance Company -- Aa3 insurance financial strength rating and Prime-1 short- term rating
Western Reserve Life Assurance Company of Ohio -- Aa3 insurance financial strength rating
Transamerica Corporation -- Prime-1 short-term debt rating
Transamerica Occidental Life Insurance Company -- Insurance financial strength rating of Aa3, and the Prime-1 short-term rating of the company
Transamerica Life Insurance and Annuity Company -- Insurance financial strength rating of Aa3, and the Prime-1 short-term rating of the company
The following ratings are on review for possible upgrade:
Transamerica Corporation - A2 senior long-term debt rating, A3 subordinated and junior subordinated debt rating, and "a2" preferred stock rating
Transamerica Capital I -- Capital trust pass-through securities with a preferred stock rating of "a2"
Transamerica Capital II -- Capital trust pass-through securities with a preferred stock rating of "a2"
Transamerica Delaware, L. P. -- Monthly income preferred securities with a preferred stock rating of "a2"
Aegon N.V., headquartered in the Hague, Holland, is an international provider of life insurance, pension and investment products and reported consolidated total assets of NLG272 billion and shareholders' equity of NLG18 billion at December 31, 1997.
Aegon USA, headquartered in Baltimore, Maryland, is the U.S. arm of Aegon N.V. and specialises in life insurance and annuity products. As of September 30, 1998, the company reported total assets of $71.8 billion and shareholders' equity of $5.9 billion.
Transamerica Corporation, headquartered in San Francisco, California is a diversified financial services company. As of September 30, 1998, Transamerica Corporation had consolidated assets of $55.4 billion and stockholders' equity of $5.2 billion. Transamerica Occidental Life Insurance Company had statutory assets of $18.9 billion and statutory capital of $2.0 billion, and Transamerica Life Insurance and Annuity Company had statutory assets of $18.5 billion and statutory capital of $1.1 billion as of the same date.
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY'S CREDIT RATINGS,
ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.
MOODY'S CREDIT RATINGS,
ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.
To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.
Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com
under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."
Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.
Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.
MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.