Moody's: Hartford Financial view to positive

Moody's Investors Service said it affirmed the Baa3 senior debt ratings of Hartford Financial Services Group, Inc. and the insurance financial strength ratings of its ongoing property & casualty (P&C) and Hartford Life & Accident Insurance Co. operating subsidiaries.

The outlooks were changed to positive from stable.

In the same action, the agency downgraded the insurance financial strength rating of Hartford Life Insurance Co. to Baa2 from A3 to reflect the recent restructuring of this entity, which now consists primarily of run-off business.

Moody's also affirmed the Baa2 insurance financial strength rating of the run-off companies, Hartford Life and Annuity Co. and of the First State Group.

The outlooks for all run-off entities remain stable.

According to Moody's lead analyst Paul Bauer, "The positive outlook on The Hartford reflects the company's gradual de-risking of its business profile, particularly the group's legacy variable annuity business, and our expectation of an ongoing gradual decline in these long-term liabilities."

"The Hartford's credit profile is characterized by a strong, well diversified P&C operation with a good position in group benefits and mutual funds, offset by lingering legacy risks associated with the group's run-off operations."

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