Moody's affirms Allmerica senior rating

Moody's Investors Service said it affirmed Allmerica Financial Corp.'s senior rating at Ba1 and the insurance financial strength ratings of its subsidiaries, Hanover Insurance Co. at Baa1 and First Allmerica Financial Life Insurance Co. at Ba1, following the company's announcement it signed a definitive agreement to sell its run-off life and annuity company Allmerica Financial Life Insurance & Annuity to Goldman Sachs Group, Inc.

The outlook for the affirmed ratings is stable.

Moody's also said it placed the Ba1 insurance financial strength rating of Allmercia Financial Life on review for possible upgrade.

Moody's Ba1 insurance financial strength rating of Allmerica Financial Life Insurance reflects the potential earnings volatility associated with the variable business and the non-core nature of the operations to Allmerica Financial Corp.

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