S&P lifts Hanover from junk

Standard & Poor's said it raised its counterparty credit rating on Hanover Insurance Group Inc. to BBB- from BB+ and the counterparty credit ratings of Hanover Insurance Co., Citizens Insurance Co. of America and Hanover's other rated property/casualty affiliates to A- from BBB+.

The outlook is stable.

The agency said the upgrade reflects the company's good competitive position, improved operating performance, strong capital position and very strong financial flexibility and the successful execution of management's strategy to refocus the company on its property/casualty business.

Offsetting factors include the geographic concentration of Hanover's personal lines business and a relatively high level of turnover among personal auto policyholders, S&P noted.

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