Downward rating activity on insurers will likely continue throughout 2009, with a heightened level of activity over the next several months, according to recent Fitch Ratings comments.
Fitch, which previously moved its rating outlook for most insurance regions and sectors globally to “negative” throughout 2008, said downgrades should be limited to one or two notches in the vast majority of cases.
The downgrades will impact insurance operating companies' insurer financial strength (IFS) ratings and both long- and short-term debt and hybrids security ratings of holding companies, Fitch said.
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