Moody's ups Delphi Financial

Moody's Investors Service said it upgraded the senior debt rating of Delphi Financial Group, Inc. to Baa2 from Baa3 and the insurance financial strength ratings of its wholly owned operating companies, Reliance Standard Life Insurance Co. and Safety National Casualty Corp. to A2 from A3, upon the completion of the acquisition of Delphi for $2.7 billion by Tokio Marine Holdings, Inc.

In addition, all other outstanding debt ratings of Delphi Financial Group have been upgraded by one notch.

The outlook is stable.

Moody's said that the acquisition provides Delphi and its subsidiaries the benefits of being part of the larger Tokio Marine group, with greater financial resources and stronger credit profile.

"We view the transaction as positive to Delphi's life and property casualty operations in terms of strengthening their financial flexibility and risk management," Moody's vice president Neil Strauss said in a news release.

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