Travelers Cos. Inc.'s insurance subsidiaries continue to generate above-average industry results. The company is maintaining strong capital and liquidity through the difficult market conditions, and it's managing sizable risks in an excellent enterprise risk management structure. We are revising our outlook on Travelers and its operating subsidiaries to positive from stable. We are affirming our ratings on the companies. On Aug. 11, 2009, Standard&Poor's Ratings Services revised its outlook on New York-based Travelers Cos. Inc. and its operating insurance companies to positive from stable (see ratings list). At the same time, we affirmed our 'A-' counterparty credit and senior unsecured debt ratings and our 'BBB' junior subordinated debt and preferred stock ratings on Travelers. We also affirmed our
