Travelers has a very strong business risk profile and extremely strong financial risk position. We are affirming our ratings on The Travelers Cos. Inc. and various ratings on the company's subsidiaries. The stable outlook is based on our view that Travelers will continue to meet our base-case expectations. On June 13, 2014, Standard&Poor's Ratings Services affirmed its 'A' long-term counterparty credit rating on The Travelers Cos. Inc. At the same time, we affirmed our 'AA' long-term counterparty credit and financial strength ratings (FSRs) and 'A-1' short-term counterparty credit ratings on the company's core operating subsidiaries (collectively, Travelers). We also affirmed our 'AA-' FSR on Travelers Insurance Co. of Canada (Travelers Canada), a highly strategic subsidiary. The outlook is
