Moody’s ups Penn National Insurance

Moody’s Investors Service said it upgraded Pennsylvania National Mutual Casualty Insurance Co.’s to A3 surplus notes rating to Baa3 (hyb) from Ba1 (hyb). The agency also revised the outlook to stable from under review. This concludes the review started on Jan. 29, Moody’s said.

The upgrade reflects Penn National’s solid operating performance, low financial leverage and good capital adequacy, Moody’s said.

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