Fitch upgrades Hartford

Fitch Ratings said it upgraded Hartford Financial Services Group, Inc.'s long-term issuer default rating to BBB+ from BBB, senior debt to BBB from BBB- and junior subordinated debentures to BB+ from BB.

The outlook is stable.

The upgrade recognizes the company's generally more favorable financial position since more conservative notching was implemented in February 2009 to reflect heightened exposure to the volatile credit and investment market conditions at that time, according to the agency.

The ratings reflect the company's overall profitable results, reasonable financial leverage and sizable levels of holding company cash and financial resources, the agency said.

The ratings also consider the group's lower level of recent investment related impairments and exposure to credit and investment risks, Fitch noted.

The actions also consider execution risk associated with Hartford's strategic plan to focus on its property/casualty, group benefits, and mutual funds businesses, with the company placing U.S. individual annuity into run-off, in addition to Japan annuity which has already been placed in run-off, and seeking to divest of its individual life, retirement plans and Woodbury Financial Services businesses, the agency said.

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