Taking into consideration the acquisition of Continental Life Insurance Company of Brentwood, Tennessee (Continental) by Aetna Inc., (Aetna) from Genworth Financial Inc., Fitch Ratings has adjusted its outlook on Continental.
Fitch removed Continental’s Insurer Financial Strength (IFS) rating from Rating Watch Positive, upgraded the rating to (A) from (A-) and assigned a Stable Rating Outlook. Due to the circumstances of those actions Fitch has withdrawn the rating.
The change in outlook reflects the Oct 3, 2011 close of Continental’s acquisition by Aetna and the integration of Continental into Aetna’s ownership and all the benefits derived from that ownership with regards to Fitch’s rating methodology.
Continental will cease to be rated by Fitch because it is considered to no longer be “relevant to the agency’s coverage.”