Research Update: Hartford Financial Services Group Inc. And Subsidiaries Ratings Lowered One Notch; Outlook Negative - 2009/03/03 - S&P Credit Research

Report title: Research Update: Hartford Financial Services Group Inc. And Subsidiaries Ratings Lowered One Notch; Outlook Negative

from S&P Credit Research
1222 word report published Mar 03, 2009

Price $175.00 available for immediate download

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Abstract:

On March 3, 2009, Standard&Poor's Ratings Services lowered its counterparty credit rating on Hartford Financial Services Group Inc. (NYSE:HIG) to 'BBB' from 'BBB+' and its counterparty credit and financial strength ratings on all of HIG's life (Hartford Life) and property/casualty (Hartford Fire) operating subsidiaries to 'A' from 'A+'. At the same time, Standard&Poor's removed all of these ratings from CreditWatch, where they were placed on Feb. 9, 2009, with negative implications. The outlook on all these companies is negative. The downgrade reflects our opinion that Hartford's earnings, capitalization, and financial flexibility have been weakened considerably by the deepening equity market decline, continuing volatility, and significant asset impairments in the past two quarters. Standard&Poor's believes

Brief Excerpt:

RESEARCH Ratings Definitions Research Update: Hartford Financial Services Group Inc. And Subsidiaries Ratings Lowered One Notch; Outlook Negative Publication date: 03-Mar-2009 Primary Credit Analyst: Shellie Stoddard, New York (1)...

Report Type:

Research Update

Ticker:

HIG

Issuer:

Hartford Financial Services Group Inc.

GICS:

Multi-line Insurance (40301030)

Sector:

Commercial MBS, Corporations, Financial Institutions, Global Issuers, Insurance, Public Finance, Real Estate Companies, Structured Finance

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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