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S&P cuts Americo outlook to stable
Standard & Poor's said it revised its outlook on Americo Financial Life & Annuity Insurance Co. and Americo Life Inc. to stable from positive.
At the same time, S&P said it affirmed its A- counterparty credit and financial strength ratings on Americo Financial and affirmed its BBB- counterparty credit rating and senior debt ratings on Americo Life.
The agency said that the outlook revision reflects its expectation that the weakening economy will have an adverse effect on both the sales and earnings prospects for the mortgage term life business.
The ratings reflect the company's strong operating performance, strong capital adequacy and conservative investment portfolio, S&P said, noting that somewhat offsetting these strengths are challenges associated with the company's comparatively smaller scale relative to higher rated competitors in the highly competitive life and annuity marketplace.
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