Fitch drops Hartford

Fitch Ratings said it has downgraded and removed from rating watch negative the following Hartford Financial Services Group, Inc. ratings:

• $500 million of 8.125% junior subordinated debentures due 2068 to BB from BB+; and

• $1.75 billion of 10% junior subordinated debentures due 2068 to BB from BB+.

Fitch said it also assigned a BB rating to Hartford's senior perpetual preferred stock issued under the U.S. Treasury's Capital Purchase Program.

The outlook is negative.

The issuer default rating and senior debt ratings of Hartford and the insurer financial strength ratings of the primary life and property/casualty insurance subsidiaries remain unchanged with a negative outlook, the agency noted.

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