Moody's rates Hartford Financial notes

Moody's Investors Service said it has assigned an A3 rating to the proposed $200 million of senior notes to be issued by The Hartford Financial Services Group Inc.

The net proceeds from the offering will be contributed to Hartford Life Inc., which intends to use the net proceeds, plus available cash, to redeem $250 million of trust preferred securities. The net affect of the transaction will be an incremental reduction in financial leverage of $50 million.

The outlook on all the ratings, except for the Prime-2 rating on commercial paper, is negative.

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