S&P: Assurant outlook negative

Standard & Poor's said it affirmed Assurant Inc.'s BBB+ counterparty credit rating and the A counterparty credit and financial strength ratings of Assurant's subsidiaries.

The ratings were removed from CreditWatch negative, and the outlook is negative.

The agency said the rating actions reflect its assessment that the uncertainties related to the unresolved Securities and Exchange Commission investigations into certain loss-mitigation insurance products are unlikely to cause a change in the existing ratings.

Nevertheless, the negative outlook reflects S&P's concerns about the distraction and performance impact that may occur from the governance issues given that three senior managers are involved, and the agency said there remains uncertainty whether there is growing reputation damage that could affect Assurant's competitive position and therefore future earnings.

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