Rating agency maintains negative outlook for the entire Sun Life group
Banks have experienced the greatest rise in negative outlooks
Rating outlook characterized as “developing”
Majority of global industries have weathered the storms of the past year relatively well
Rating outlook is stable
ESMA is in an advanced state of its assessment for Canada and U.S. regulatory frameworks
A.M. Best cites parent company’s exposure to Europe
Lowered ratings reflect “the high likelihood of default”
U.S. subsidiaries downgraded
Rating agency cites insurers efforts to reduce risk