Fitch Ratings has lowered its outlook for the issuer-default ratings, senior debt and insurer financial strength ratings for the Hartford Financial Services Group Inc. and its primary life and property and casualty insurance subsidiaries to “Negative” from “Stable.”
The move reflects concerns related to the Hartford Financial’s financial profile in an “extraordinarily challenging credit market environment,” Fitch said.
“Hartford’s life insurance operations have experienced a drop in capital levels caused by a deterioration in asset values and a decline in earnings, both of which are driven by weakened capital market conditions,” Fitch said in a statement. (AP)
