A rating agency has cut the grades it has assigned to an insurance holding company and the company’s operating subsidiaries.
Moody’s Investors Service, New York, has lowered the senior unsecured debt rating on Phoenix Companies Inc., Hartford (NYSE:PNX), to B3, from B1, and the insurance financial strength rating of Phoenix Life Insurance Company to Ba2, from Ba1.
The insurance financial strength rating of PHL Variable Insurance Company has been lowered to Ba2, from Ba1.
Moody’s has changed the outlook on the Phoenix ratings to stable, from negative.
The downgrades were due mainly to the company’s “relatively weak capital position,” Moody’s says.