Moody's cuts HMSC outlook to negative

Moody's Investors Service said it changed the outlook of HMSC Corp. (corporate family rating of B3), the holding company for the Swett & Crawford Group, to negative from stable.

The agency said that the negative outlook reflects the decline in the company's revenues and EBITDA over the past couple of years and the related increase in financial leverage.

Moody's said it expects further challenges in the year ahead, with persistent soft pricing in the property & casualty insurance market and a sluggish U.S. economy.

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