A.M. Best Co. has downgraded its financial ratings for The Phoenix Cos. Inc. amid concerns about the Hartford insurer’s ability to adapt its new business model and its diminished financial flexibility.
Best cut financial strength ratings for The Phoenix to B+ (good) from B++ (good).
It also trimmed issuer credit ratings to “bbb-” from “bbb+” for Phoenix Life Insurance Co. and PHL Variable Insurance Co.
In addition, Best lowered the issuer credit rating for The Phoenix to “bb-” from “bb+”, as well as the debt ratings on all outstanding securities of Phoenix and Phoenix Life.
