Fitch ups Allmerica units, outlook to positive

Fitch Ratings said it affirmed its BB+ long-term issuer rating on Allmerica Financial Corp. and its rating on Allmerica's senior unsecured notes due 2025. The outlook was revised to positive from stable.

Additionally, Fitch affirmed its BB- rating on AFC Capital Trust I's trust preferred capital securities due 2027 and revised AFC Capital's outlook to positive from stable.

Fitch also upgraded its insurer financial strength ratings on Allmerica's property/casualty subsidiaries to A- from BBB+ and affirmed its BB ratings on its life insurance and annuity subsidiaries. The outlook is stable.

Fitch's rating actions reflect its heightened comfort with Allmerica's ability to generate cash basis and operating earnings-basis interest coverage from its property/casualty subsidiaries.

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