Moody's rates Hartford notes A3

Moody's Investors Service said it assigned an A3 unsecured subordinated debt rating, on review for downgrade, to the $1.75 billion offering of junior subordinated debentures due 2068 issued by Hartford Financial Services Group, Inc.

The offering is part of the previously announced $2.5 billion capital raise and will be directly placed with Allianz SE.

Proceeds will be used for general corporate purposes.

According to Moody's, ratings are based on the strong business profile of both its property and casualty and life insurance operations, its good long-term operating performance and good financial flexibility including moderate financial leverage and solid earnings coverage.

These strengths are tempered by ongoing concerns about the Hartford's significant exposure to natural catastrophes in the property and casualty operations and manmade catastrophes, the agency said.

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