OneAmerica's operating performance has trailed similarly rated mutual peers in prior years, although it has avoided products that have caused sizable one-time losses for those peers. While the group maintains a strong foothold in the niche combo long-term care business, a strong career sales force and very strong capitalization, we believe its performance and overall risk profile relative to mutual peers may no longer justify a comparable ratings adjustment to 'AA-'. We revised the outlook on the ratings on OneAmerica's core subsidiaries to negative from stable and affirmed the 'AA-' ratings. The negative outlook indicates the possibility that we could lower the ratings by one notch in the next 12 months if the company does not perform or demonstrate business
