Twin Towers credit ratings raised to A-

Standard & Poor's yesterday raised its credit rating on Tower Australia and Tower Life (NZ) to A-minus from BBB-plus.

At the same time, it raised the ratings on the group's holding companies, Tower, Tower Financial Services Group and Tower Group (Australia) Pty to BBB from BBB-minus.

The upgrades reflect the group's strong capital position, improving earnings and a strengthening in the group's competitive position in Australia, said S&P credit analyst Kate Thomson.