...Extremely Strong Capital: Fitch Ratings views the statutory capitalization of Western & Southern Financial Group, Inc.'s (W&SFG) insurance subsidiaries as extremely strong based on its RBC ratio consistently above 500% and `Extremely Strong' Prism capital model score based on year-end 2016 data. Furthermore, operating leverage remains among the lowest in Fitch's rated universe at approximately 5x as of Sept. 30, 2017. Nonstandard Notching: Narrow notching was applied to WSFG's holding company Issuer Default Rating (IDR) and debt ratings to reflect the company's low financial leverage and strong interest coverage metrics. As a result, W&SFG's senior debt ratings are notched two rating levels below the insurance company Insurer Financial Strength (IFS) ratings, compared with the typical three notches based on Fitch's criteria. W&SFG's financial leverage was approximately 6% as of Sept. 30, 2017, and cash interest coverage was in excess of 30x with consideration for the more than $600 million...
