Fitch Affirms and Withdraws Hartford's Ratings

CHICAGO--()--Fitch Ratings has affirmed and withdrawn Hartford Financial Services Group, Inc.'s (HFSG) holding company ratings as well as the Insurer Financial Strength (IFS) ratings of HSFG's insurance subsidiaries. Fitch has withdrawn the ratings for commercial reasons. A full list of rating actions follows at the end of this release.

KEY RATING DRIVERS

The rating affirmation and Stable Rating Outlook reflect HFSG's reasonable financial leverage, sizable levels of holding company cash and financial resources, and strategic focus on property and casualty, group benefits and mutual funds businesses.

The affirmation of the ratings also consider the risks associated with the company's runoff annuity and life businesses and HFSG's near-term capital management initiative to reduce overall financial leverage to reflect the company's significantly altered business profile following the sales of its retirement plans and individual life businesses in 2013 and Japanese annuity subsidiary in 2014.

Fitch has affirmed and withdrawn the following ratings:

Hartford Financial Services Group, Inc.

--Long-term Issuer Default Rating (IDR) at 'BBB+';

--4% senior notes due 2015 at 'BBB';

--7.3% notes due 2015 at 'BBB';

--5.5% notes due 2016 at 'BBB';

--5.375% notes due 2017 at 'BBB';

--4% senior notes due 2017 at 'BBB';

--6.3% notes due 2018 at 'BBB';

--6% notes due 2019 at 'BBB';

--5.5% senior notes due 2020 at 'BBB';

--5.125% senior notes due 2022 at 'BBB';

--5.95% notes due 2036 at 'BBB';

--6.625% senior notes due 2040 at 'BBB';

--6.1% notes due 2041 at 'BBB';

--6.625% senior notes due 2042 at 'BBB';

--4.3% senior notes due 2043 at 'BBB';

--7.875% junior subordinated debentures due 2042 at 'BB+';

--8.125% junior subordinated debentures due 2068 at 'BB+'.

Hartford Financial Services Group, Inc.

--Short-term IDR at 'F2';

--Commercial paper at 'F2'.

Hartford Life, Inc.

--Long-term IDR at 'BBB';

--7.65% notes due 2027 at 'BBB-';

--7.375% notes due 2031 at 'BBB-'.

Members of the Hartford Fire Insurance Intercompany Pool:

Hartford Fire Insurance Company

Nutmeg Insurance Company

Hartford Accident & Indemnity Company

Hartford Casualty Insurance Company

Twin City Fire Insurance Company

Pacific Insurance Company, Limited

Property and Casualty Insurance Company of Hartford

Sentinel Insurance Company, Ltd.

Hartford Insurance Company of Illinois

Hartford Insurance Company of the Midwest

Hartford Underwriters Insurance Company

Hartford Insurance Company of the Southeast

Hartford Lloyd's Insurance Company

Trumbull Insurance Company

--IFS at 'A+'.

Hartford Life and Accident Insurance Company

--IFS at 'A'.

Hartford Life Insurance Company

--IFS at 'BBB+';

--Medium-term note program at 'BBB'.

Hartford Life Global Funding

--Secured notes program at 'BBB+'.

Hartford Life Institutional Funding

--Secured notes program at 'BBB+'.

Hartford Life and Annuity Insurance Company

--IFS at 'BBB+'.

The Rating Outlook is Stable.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Insurance Rating Methodology' (Nov. 13, 2013).

Applicable Criteria and Related Research:

Insurance Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=723072

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=861554

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Martha M. Butler, CFA
Senior Director
+1-312-368-31911
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Bradley S. Ellis, CFA
Director
+1-312-368-2089
or
Committee Chairperson
Keith M. Buckley, CFA
Managing Director
+1-312-368-3211
or
Media Relations
Brian Bertsch, New York, +1-212-908-0549
brian.bertsch@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Martha M. Butler, CFA
Senior Director
+1-312-368-31911
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Bradley S. Ellis, CFA
Director
+1-312-368-2089
or
Committee Chairperson
Keith M. Buckley, CFA
Managing Director
+1-312-368-3211
or
Media Relations
Brian Bertsch, New York, +1-212-908-0549
brian.bertsch@fitchratings.com