Fitch changes CNA Financial to positive

Fitch Ratings said it affirmed CNA Financial Corp.’s property/casualty (p/c) insurance subsidiaries' insurer financial strength ratings at A (strong).

In addition, the agency affirmed CNA's senior unsecured debt at BBB and long-term issuer default rating at BBB+.

The outlook was revised to positive from stable.

Fitch said the positive outlook reflects its view that exclusive of CNA's exposure to reserves for runoff long-term care business, the company's ratings would be one notch higher than the current level.

The positive outlook indicates that if the long-term care block performs within ratings expectation, and there is no unexpected deterioration in the property/casualty operations, CNA's ratings will likely be upgraded over the next one to two years, the agency explained.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.