Fitch lifts CNA Financial

Fitch Ratings said it upgraded the issuer default ratings of CNA Financial Corp. and the Continental Corp. to BBB+ from BBB and the companies' senior debt to BBB from BBB-.

The outlook is stable.

The upgrade reflects CNA's improved operating risk profile and Fitch's heightened confidence in the company's ability to sustain favorable operating performance and maintain its focus on underwriting discipline throughout the underwriting cycle. The upgrade also reflects CNA's established and sustainable position in the commercial lines property/casualty market, conservative investment portfolio and strong capitalization for its rating, the agency said.

Partially offsetting these positives are the potential for additional adverse reserve development, particularly on older accident years and in run-off operations and anticipated challenges in the current softening property/casualty market environment, Fitch said.

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