A top credit-rating agency said it expects Boston-based John Hancock’s earnings to be weaker, prompting a downgrade of its Canadian parent company, Manulife Financial Corp.
“We believe the prospective earnings profile of Manulife Financial’s U.S. operations will be weaker than we previously expected given the current economic environment,” analysts at Standard & Poor’s said. S&P said it lowered its long-term counterparty credit rating on Manulife (NYSE: MFC) to “A-” from “A” with negative implications.
The operating companies affected by the action include John Hancock Life Insurance Co. and John Hancock Life & Health Insurance Co.
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