The Hartford Financial Services Group received another blow in what could be considered a disappointing couple months. The Hartford Financial Services Inc. reported, at the end of April, a first-quarter net loss of $1.21 billion. And today, Fitch Ratings downgraded Hartford Financial Services’ issuer default rating to BBB from BBB+ and senior debt to BBB- from BBB.
Fitch also downgraded the insurer financial strength (IFS) ratings of Hartford Financial Services Group’s primary life insurance subsidiaries to A- from A. In addition, Fitch has affirmed the A+ IFS ratings of Hartford Financial Services Group’s property/casualty insurance subsidiaries. The rating outlook is negative.
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