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S&P gives Hartford Financial preferreds BBB-
S&P said it assigned its BBB- issue-level debt rating to the proposed issuance by Hartford Financial Services Group Inc. of fixed-rate noncumulative perpetual series G preferred shares.
“The rating is two notches below our BBB+ long-term issuer credit and senior debt ratings on HIG,” the agency said in a news release.
“The two notches represent the subordination of the issue and the optional dividend deferability of the preferred shares. The series G preferred shares will rank junior to all of HIG's debt and other nonequity claims.”
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