Fitch ups PMA

Fitch Ratings said it upgraded the issuer default rating and senior debt rating of PMA Capital Corp. to BBB- from BB- and to BB+ from B+, respectively.

Fitch said it also has upgraded the insurer financial strength ratings of the three active primary insurance subsidiaries collectively referred to as PMA Insurance Group: Pennsylvania Manufacturers Association Insurance Co., Pennsylvania Manufacturers Indemnity Co. and Manufacturers Alliance Insurance Co. to BBB+ from BBB-.

Lastly, Fitch said it has affirmed the B- IFS rating of PMA Capital Insurance Co.'s run-off reinsurance subsidiary.

All outlooks are stable.

Fitch noted that its upgrade of PMA's ratings reflect a restoration of franchise value, a significant decrease in obligations at the run off operations and an improved holding company capital structure and liquidity profile.

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