Standard & Poor's has revised its outlook on Legal & General to stable from negative.
The outlook change follows shareholder approval of an £800m rights issue at an Extraordinary General Meeting.
Standard & Poor's has also affirmed its ratings on LGA and L&G, including the triple-'A' financial strength and local currency counterparty credit ratings on LGA and the double-'A'/'A-1'-plus counterparty credit ratings on L&G.
Standard & Poor's credit analyst Mark Button said: "The rating actions are in line with Standard & Poor's comments on Sept. 12, 2002, following the announcement of the rights issue.
"The equity capital raised under the rights issue addresses many of the concerns highlighted by Standard & Poor's in July 2002, when the outlook on LGA and L&G was revised to negative."
The new equity, amounting to £786m net of costs, will be used to improve the risk profile of the group's balance sheet by reducing its leverage and increasing its capacity for hybrid equity issuance.
S&P's added that the triple-'A' ratings reflect the company's strong capitalization, financial flexibility and excellent operating efficiency.
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