RSA hit by S&P credit rating downgrade
Insurer's rating lowered to A- from A.
RSA has been hit with a credit rating downgrade by Standard & Poor's (S&P) to A- from A.
The rating agency blamed a "succession of profit warnings", the resignation of group chief executive Simon Lee and a strategic review as indicating some "weaknesses in management and government generally".
S&P said it has also lowered the ratings on RSA's strategically important subsidiaries to BBB+ from A-.
It stated: "We believe the CEO's resignation following further reserve strengthening in Ireland and
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