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Fitch cuts Hartford Financial Services IDR ratings
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CHICAGO - Fitch Ratings on Friday lowered the issuer default rating of Hartford Financial Services Group Inc. to "A" from "A+," citing its exposure to the volatile credit and investment markets.
Fitch considers "A" a midlevel investment grade rating.
The ratings agency cut its rating on Hartford's senior debt to "A-" from "A." It affirmed its commercial paper rating at "F1."
Fitch said shaky broader market conditions are "negatively impacting its asset portfolio, as well as earnings and capital needs in its variable annuity business."
"The combination of these issues has negatively impacted the organization's capital position," Fitch said.
The ratings outlook is "Negative," which means the ratings might be downgraded further.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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