Fitch: RLI outlook stable

Fitch Ratings said it affirmed RLI Corp.'s BBB+ issuer default rating and BBB $100 million 5.95% senior unsecured notes due 2014 and revised the outlook to stable from positive.

The agency said the ratings reflect the company's solid capitalization, continued favorable underwriting results and a relatively conservative balance sheet, as investment losses have been well-contained. However, given the context of the economic environment in conjunction with the insurance pricing market, Fitch believes a stable outlook is appropriate.

Offsetting factors include RLI's catastrophe exposure and above-average equity investment allocation, the agency said.

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