S&P Lowers Counterparty Credit Rating on Hartford Financial (HIG)
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Just before the close, Standard & Poor's lowered its counterparty credit rating on Hartford Financial Services Group Inc. (NYSE: HIG) to 'BBB' from 'BBB+' and its counterparty credit and financial strength ratings on all of HIG's life and property/casualty operating subsidiaries to 'A' from 'A+'.
S&P removed all of these ratings from CreditWatch, but the outlook remains negative.
S&P credit analyst Shellie Stoddard said, "The downgrade reflects our opinion that Hartford's earnings, capitalization, and financial flexibility have been weakened considerably by the deepening equity market decline, continuing volatility, and significant asset impairments in the past two quarters. We believe the uncertainty of this financial stress could erode Hartford's brand and diverse competitive advantages, particularly in certain lines of business."
For more credit and equity analyst rating action on Hartford Financial go here.
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