April 3, 2014 / 5:27 PM / 4 years ago

Fitch Downgrades and Withdraws Ratings of Lincoln Benefit Life on Sale Closing

(The following statement was released by the rating agency) CHICAGO, April 03 (Fitch) Fitch Ratings has downgraded to 'BBB' the 'A-' Insurer Financial Strength (IFS) rating of Lincoln Benefit Life Ins. Co. (Lincoln Benefit) on the close of its sale to Resolution Life, Inc. At the same time Fitch is withdrawing Lincoln Benefit's ratings. Lincoln Benefit had been a subsidiary of Allstate Life Insurance Co. and ultimate parent, The Allstate Corporation (Allstate). KEY RATING DRIVERS Today's rating action follows the completion of the sale of Lincoln Benefit. Fitch's downgrade reflects the expectation that Lincoln Benefit will be managed as a run-off company. Fitch typically rates run-off companies no higher than 'BBB'. Fitch has withdrawn the ratings as Resolution Life does not publish financial statements and therefore Fitch will not have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide a rating or analytical coverage for Lincoln Benefit. Fitch downgrades and subsequently withdraws the following rating: Lincoln Benefit Life Insurance Co. --IFS to 'BBB' from 'A-', Outlook Stable. Contact: Primary Analyst Bruce Cox Director +1-312-606-2316 Fitch Ratings, Inc. 70 West Madison Street Chicago, IL 60602 Secondary Analyst Douglas M. Pawlowski, CFA Senior Director +1-312-368-2054 Committee Chairperson Julie A. Burke, CPA, CFA Managing Director +1-312-368-3158 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available at 'www.fitchratings.com'. THE ISSUER DID NOT PARTICIPATE IN THE RATING PROCESS OTHER THAN THROUGH THE MEDIUM OF ITS PUBLIC DISCLOSURE. Applicable Criteria and Related Research: --'Insurance Rating Methodology' (November 2013). Applicable Criteria and Related Research: Insurance Rating Methodology here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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