S&P ups Hartford Financial Services

Standard & Poor's said it raised its long-term and short-term counterparty credit ratings on Hartford Financial Services Group Inc. (HIG) and Hartford Life Inc. (HLI) to A/A-1 from A-/A-2.

In addition, S&P said it affirmed its AA- counterparty credit and financial strength ratings on HIG's core property/casualty and life insurance subsidiaries.

The outlook is stable.

S&P said that the ratings on HIG and HLI were raised because of the strength of the consolidated group's diversified sources of sustainable revenue from its life and property/casualty operations, which are expected to support strong fixed-charge coverage levels, currently more than 15 times, of more than 10 times under most circumstances and interest rate environments and declining leverage that is moderate for the ratings.

Offsetting these strengths is the potential for earnings volatility from its life and property/casualty operations, which are expected to be substantially uncorrelated sources of cash and income under most circumstances, S&P noted.

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