Moody's affirms Penn National, ups outlook to positive

Moody's Investors Service said it affirmed the ratings of Penn National Insurance Group and has changed the outlook on the ratings to positive from stable.

Moody's said it currently rates the group's primary subsidiaries at Baa1 for insurance financial strength and the surplus notes issued by the lead company, Pennsylvania National Mutual Casualty Insurance Co., at Ba1.

According to the agency, the change in outlook reflects a steady positive trend in profits and stronger capitalization.

Moody's said it ratings on the group reflect its established position in certain rural and smaller independent agency markets, consistent operating results, fairly conservative balance sheet and modest exposure to natural and man-made catastrophes.

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