Phoenix Cos. Chief Executive Officer James D. Wehr said Standard & Poor’s was “excessive and precipitous” in downgrading its credit ratings and outlook for the Hartford insurer and financial services provider.
S&P cut credit ratings for Phoenix and several of its subsidiaries a day after Phoenix reported a $111 million loss for the second quarter on declining sales.
“We strongly disagree with S&P and believe their actions are excessive and precipitous,” said Wehr, who took over as CEO in April. “We believe our actions over the last few months have demonstrated progress and produced results for Phoenix’s financial health and stability. Our capital levels are sound, based on regulatory capital ratio requirements.
“We will continue to take the right actions — at the right time — to retain our financial health and stability,” he said.
