The beleaguered life insurance industry continues to take a beating from the rating agencies as Genworth Financial and Prudential Financial both were both downgraded.
Prudential’s downgrade by Fitch Ratings was especially harmful, as the second-largest insurer lost eligibility for the U.S. commercial paper program, reducing the company’s access to short-term debt markets. Both Genworth and Hartford Financial Services have already lost access to the commercial paper program because of downgrades.
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