Standard & Poor’s Ratings Services today said it lowered its ratings on Toronto-based Manulife Financial Corp. and all of its rated operating companies by one notch, including John Hancock Life Insurance Co., which is based in Boston.

The company’s other key operating subsidiaries include The Manufacturers Life Insurance Co. and Manulife.

All of the operating insurance companies now have long-term counterparty credit and financial strength ratings of ‘AA+’. The counterparty credit rating on Manulife Financial is ‘AA-‘. Manulife Financial’s previous rating was ‘AAA’. The outlook is stable.

"In our opinion, the downgrade reflects the decline and ongoing volatility of the global equity markets, the resultant impact on earnings, reserves, capital and financial leverage, and the company’s reduced level of financial flexibility," said Standard & Poor’s credit analyst Donald Chu.