S&P rates Hartford Financial notes BB+, BBB

Standard & Poor's said it assigned its BB+ subordinated debt rating to Hartford Financial Services Group Inc.'s approximate $600 million junior subordinated notes issuance and its BBB senior unsecured debt rating to the company's proposed approximate $1.5 billion in senior unsecured notes in three tranches.

The notes will mature in 2017, 2022 and 2042. Hartford will put the proceeds toward repurchasing $1.75 billion 10% notes issued to Allianz SE in October 2008 and the associated premium.

The agreement to repurchase its 10% notes issued in October 2008 to Allianz SE does not change the rating or outlook on Hartford Financial Services Group or any of its subsidiaries, S&P said.

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