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Fitch: American Financial view negative
Fitch Ratings said it affirmed American Financial Group, Inc.'s A- issuer default ratings and senior debentures due 2034 at BBB+, and revised the outlook to negative from stable.
The affirmation reflects the company's consistently solid operating performance as well as adequate and relatively stable statutory capital levels and a solid liquidity position, the agency said.
These positive factors are partially offset by added uncertainty and potential volatility related to a subsidiary's loss reserves given its exposure to asbestos and other longer-tail liabilities, the agency said.
The negative outlook indicates potential for higher-than-expected credit related investment losses to put additional pressure on American Financial's capital position due to the current economic environment, Fitch said.
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