The stable outlook reflects our expectation that Securian Financial will defend its positions in its core markets and maintain its operating performance commensurate with the ratings. We expect capital adequacy to remain at the 'AAA' level, financial leverage to be less than 20%, and fixed-charge coverage to exceed 5x in the next two years. We could lower our ratings in the next 12 to 24 months if the group's competitive position deteriorates due to a weakening market position, if operating performance declines relative to peers, if the company's product mix shifts toward riskier offerings, or if its capital adequacy drops significantly below the 'AAA' confidence level for a sustained period. We are unlikely to raise our ratings in the next
