S&P revises Phoenix Cos. to stable

Standard & Poor's said it affirmed its ratings on Phoenix Cos. Inc. and its operating subsidiaries (Phoenix Life Insurance Co. and PHL Variable Insurance Co.), including its B- long-term counterparty credit rating on Phoenix and B+ long-term counterparty credit and financial strength ratings on its operating subsidiaries.

The agency removed the ratings on Phoenix Life from CreditWatch developing and the rating on PHL Variable and Phoenix from CreditWatch negative, where they were initially placed July 9.

The outlook is stable.

"The outlook revision on Phoenix reflects our view that the company continues to strengthen its very weak financial profile and capital position," S&P credit analyst Anthony Beato said in a news release.

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