LONDON (AFX) - Standard & Poor's Ratings Services has lowered its counterparty credit ratings on Prudential PLC to 'A /A-1' from 'AA-/A-1 '.

The outlook is stable, the ratings agency said.

At the same time, Standard & Poor's revised its outlook on US subsidiaries Jackson National Life Insurance Co. and Jackson National Life Insurance Co. of New York (JNL) to stable from negative.

In addition, the 'AA' long-term counterparty credit and insurer financial strength ratings on JNL, and the 'AA ' long-term counterparty credit and insurer financial strength ratings on U.K.-based operating subsidiaries The Prudential Assurance Co. Ltd. (PAC) and Prudential Annuities Ltd. (PAL) were affirmed. The outlook on PAC and PAL is stable.

Standard & Poor's credit analyst Andrew Hughes said: 'The downgrade of Prudential reflects a change in notching between the holding company and the shareholder operating companies, excluding PAC and including JNL, and is now in line with the notching for other European insurance holding companies.'

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