S&P affirms Hanover Insurance, view positive

Standard & Poor's said it affirmed its BB+ counterparty credit and senior unsecured debt ratings and affirmed its B+ preferred stock rating on Hanover Insurance Group Inc.

The agency said it also affirmed its BBB+ counterparty credit and financial strength ratings on Hanover Insurance Co., Citizens Insurance Co. of America and other rated THG property/casualty affiliates.

At the same time, the outlook on THG and Hanover was revised to positive from stable, the agency said, reflecting improving core underwriting results, a changing business mix with better growth prospects and stronger capitalization.

S&P added that the ratings reflect the group's relatively low financial leverage, the disposal of THG's runoff variable products business and the strong capitalization of the THG operations.

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