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Moody’s shifts USAA view to negative
Moody’s Investors Service said it changed its outlook for United Services Automobile Association to negative from stable.
“The negative rating outlook reflects uncertainty around the trajectory of auto claims inflation and the pace of achieving rate increases in certain jurisdictions, factors that could extend the time frame for USAA to return to target profitability. USAA's P&C business generated a statutory net loss of $1.3 billion for the first nine months of 2022, down from a profit of $2 billion in the prior year period, according to estimates from SNL Financial LC,” Moody’s said in a press release.
The agency also affirmed USAA’s ratings, including USAA Capital Corp.’s Aa1 backed senior unsecured rating.
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