Rating agencies A.M. Best Co. and Standard & Poor's have revised their outlook on The Hartford Financial Services Group after the company received a $2.5 billion cash infusion from competitor Allianz AG in exchange for a stake in the firm.
A.M. Best Co. placed The Hartford's "A-plus" financial strength (FSR) ratings under review with negative implications. Best also placed under review with negative implications the "a" issuer credit ratings (ICR) and all debt ratings of The Hartford, and the "aa-minus" ICR of the company's key life and health and property-casualty subsidiaries.
Standard & Poor's Ratings Services said it has revised its outlook on The Hartford to negative from stable but has affirmed the company's "A" counterparty credit rating and the "AA-minus" counterparty credit and financial strength ratings on all of The Hartford's core insurance operating subsidiaries.
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