| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Hartford Financial Services Group Inc. > News item |
Fitch ups Hartford to stable
Fitch Ratings said it affirmed Hartford Financial Services Group, Inc.'s long-term issuer default rating at BBB and its $400 million of 5.25% notes due 2011, $320 million of 4.625% notes due 2013, $199 million of 4.75% notes due 2014, $300 million of 4% senior notes due 2015, $200 million of 7.3% notes due 2015, $300 million of 5.5% notes due 2016, $499 million of 5.375% notes due 2017, $500 million of 6.3% notes due 2018, $499 million of 6% notes due 2019, $500 million of 5.5% senior notes due 2020, $298 million of 5.95% notes due 2036, $300 million of 6.625% senior notes due 2040 and $323 million of 6.1% notes due 2041 at BBB-.
Fitch also affirmed the company's $500 million of 8.125% junior subordinated debentures due 2068, $1.75 billion of 10% junior subordinated debentures due 2068 and $556 million of 7.25% series F mandatory convertible preferred stock at BB and short-term issuer default rating and commercial paper at F2.
The outlook was revised to stable from negative.
The outlook revision reflects the improvement in net earnings and capitalization, a significantly reduced gross and net unrealized investment loss position and a decreased risk profile within the investment portfolio, Fitch said.
The affirmation reflects the company's reasonable financial leverage, continued favorable underwriting performance of the property/casualty group compared to the industry and peers and sizable levels of holding company cash and financial resources, the agency said.
The ratings also reflect the company's ongoing exposure to credit and investment risks, particularly in its life asset portfolio where it has above average exposure to commercial real estate related investments, the agency added.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.