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Moody's levels Goldman Sachs companies
Moody's Investors Service said it has harmonized the insurance financial strength ratings on the insurance companies owned by Goldman Sachs Group, Inc. (senior unsecured debt at Aa3), collectively referred to as the GS Insurance Group, at A2.
To align the ratings, Moody's said it upgraded Commonwealth Annuity and Life Insurance Co.'s IFS rating to A2 from A3 and downgraded the IFS ratings on Columbia Capital Reinsurance Co. and Charleston Capital Reinsurance, LLC. to A2 from A1 and Arrow Reinsurance Co. Ltd. to A2 from Aa3.
The outlooks on the insurance companies in the GS Insurance Group are stable, the agency added.
The rating agency commented that the alignment of the ratings at A2 reflects the integration of the companies with one another and with Goldman Sachs and the expectation that the companies will continue to receive strong financial and operational support from Goldman Sachs.
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