For the second time in less than a month, Phoenix Cos. CEO James Wehr said he disagrees with a rating agencies decision to downgrade the Hartford insurer’s credit.
Moody’s Investors Service downgraded Phoenix’s senior debt rating to junk-bond status, which indicates that it may have a higher risk of default due to the company’s declining capital.
In August, Standard & Poor’s Corp. cut credit ratings for Phoenix and several of its subsidiaries a day after the company reported a $111 million loss for the second quarter on declining sales.
