S&P ups Delphi Financial

S&P said it upgraded + Delphi Financial Group Inc. to A- from BBB. The agency said it views Delphi and HCC Insurance Holdings Inc. as core units of Tokio Marine Group. S&P affirmed HCC’s A- rating.

The upgrade on Delphi and affirmation on HCC reflect the support provided by the parent to the holding company and the benefits from a less-restrictive regulatory environment, this has bolstered cash flow to debt holders and supported the group's liquidity needs, S&P said.

The outlook on Delphi and HCC is positive reflecting the positive outlook for Tokio Marine Group.

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