Fitch rates Conseco

Fitch Ratings said it assigned Conseco Inc.'s long-term debt a BB rating, its preferred stock a B+ rating, and upgraded the insurer financial strength ratings of Bankers Life and Casualty Insurance Co. to BBB from B and most of Conseco's other insurance subsidiaries to BBB- from B.

The outlook for all ratings is stable.

Fitch said the BB long-term debt rating reflects the progress Conseco has made in its capital structure and expense rationalization since its emergence from bankruptcy. Fitch expects continued progress in both areas throughout 2004 and expects Conseco to meet its leverage and expense savings goals.

Before Conseco or its subsidiaries can be considered for further upgrades the company must demonstrate improved operating fundamentals, statutory and GAAP profitability, and successful execution of its strategic plan, the agency said.

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