Moody's: Delphi outlook negative

Moody's Investors Service said it affirmed Delphi Financial Group, Inc.'s senior debt rating at Baa3.

The outlook was changed to negative from stable.

The affirmation was based on the company's solid, stable operating earnings and the established market position of its wholly owned primary life insurance company Reliance Standard in the group employee benefits market, as well as Delphi's ownership of Safety National, according to the agency.

"The negative outlook largely reflects Delphi's reliance on a bank facility for financing needs, combined with potential impairments under a severe downside scenario - especially in the non-agency [residential mortgage-backed securities] portfolio," Moody's senior vice president Scott Robinson said in a statement.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.