The Travelers Companies Inc. has exhibited very strong capital, liquidity and financial flexibility through a difficult macro environment, and its insurance subsidiaries continue to generate above-average industry results. The company manages sizable risks in an excellent enterprise risk management program. We have affirmed our ratings on the holding company and operating units. The outlook remains positive. On Aug. 10, 2010, Standard&Poor's Ratings Services affirmed its counterparty credit rating and senior unsecured debt rating on New York-based The Travelers Companies Inc. at 'A-', its subordinated debt rating of 'BBB+', as well as its ratings on the company's junior subordinated debt and preferred stock at 'BBB'. At the same time, Standard&Poor's affirmed its ratings on Travelers' short-term counterparty
