October 31, 2008
After Friday's closing bell, Fitch Ratings lowered Hartford Financial Services Group's (HIG) issuer default rating to A from A+ and the insurer financial strength ratings of Hartford's primary life and property/casualty insurance subsidiaries to AA- from AA. "The rating actions reflect Fitch's more detailed review of HFSG's exposure to the current volatile credit and investment market conditions, which are negatively impacting its asset portfolio as well as earnings and capital needs in its variable annuity business. The combination of these issues has negatively impacted the organization's capital position," said Fitch in a statement. The outlook is negative.
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