CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed and withdrawn Hartford Financial Services Group, Inc.'s (HFSG) holding company ratings as well as the Insurer Financial Strength (IFS) ratings of HSFG's insurance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 Fitch has withdrawn the ratings for commercial reasons.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Fitch has affirmed and withdrawn the following ratings: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
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