With a destacking of its insurance subsidiaries complete, The Phoenix Companies Inc. said Friday that Standard & Poors has taken the company’s long-term credit and financial strength ratings off of credit watch.
S&P instituted the credit watch in July, after Phoenix announced it would convert a handful of indirect subsidiaries into direct ones, including PHL Variable Insurance, American Phoenix Life and Reassurance and Phoenix Life and Annuity.
Those transactions were completed in late July.
Phoenix also said Friday that S&P had assigned it a stable outlook.
“Today’s action by S&P reflects Phoenix’s improved financial profile and capital position,” Phoenix said in a statement.
