...A downgrade could be triggered by an adverse change in Fitch's view of the strategic importance of PNW within SFG or of the rated entities within PNW. It could result, for example, from a severely depleted capital position at PNWL and WPV. As Fitch regards Provinzial NordWest Lebensversicherung (PNWL) and Westfaelische Provinzial Versicherung (WPV) as integral to SFG, any change in SFG's IDR would likely be reflected in the insurers' ratings....