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| February 6, 2009: Moody's cuts key rating of Hartford... Company reports a loss of 806,000,000 in Q4 of 2008... |
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Credit agency, Moody's Investors Services today cut a key rating for Hartford, the day after the Company reported a steep loss of $208 Million in the 4th quarter of 2008.
The long term senior debt rating was cut because of deterioration of credit at Hartford life subsidiaries and weakening of financial stability. The ratings were placed on a negative outlook. The Company has indicated that it will ask its regulator to relax capital requirements in a multi- pronged approach to improve its capital position. A recent similar request from the NAIC by an industry group in the US was turned down by the National Association of Insurance Regulators. E.&O.E. |
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