Fitch drops Hartford

Fitch Ratings said it has downgraded the following Hartford Financial Services Group, Inc. ratings: issuer default rating to BBB from BBB+; and senior debt to BBB- from BBB.

Fitch said it has also downgraded the Insurer financial strength ratings of Hartford's primary life insurance subsidiaries to A- from A.

In addition, Fitch noted that it has affirmed the A+ insurer financial strength ratings of Hartford's property/casualty insurance subsidiaries.

The outlook is negative.

The downgrade reflects Fitch's updated view of Hartford's primary life insurance subsidiaries in light of continued challenges in the first quarter and public statements by management concerning the suspension of its annuity sales in various international operations and the exploration of options concerning its institutional markets division.

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