Moody's: Penn National stable

Moody's said it affirmed the A3 insurance financial strength ratings on Penn National Insurance Group's operating subsidiaries and the Baa3 (hyb) rating on the surplus notes issued by Pennsylvania National Mutual Casualty Insurance Co.

The agency said it also changed the outlook on the ratings to stable from negative.

The outlook revision reflects Penn National's solid balance sheet strength and stabilizing profitability despite record catastrophe losses in 2011

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