Standard and Poor's Rating Services has downgraded Alea to BBB as a result of the sale of renewal rights by Alea London announced yesterday.

S&P said the outlook on the rating is stable.

In a statement this morning, Alea said: "Alea Europe's ability to underwrite business will be impaired by Standard and Poor's action."

Alea said that it is in discussions with a potential purchaser of renewal rights over the majority of Alea Europe and that a further announcement will be made in due course.

Alea added that it continues to explore options for the remaining parts of the group.

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