S&P corrects Hanover Insurance

Standard & Poor's said it corrected its rating on the Hanover Insurance Group Inc.'s outstanding junior subordinated deferrable-interest debt by raising it to BB from BB-.

Under current hybrid criteria, junior subordinated notes from companies with investment-grade issuer credit ratings are rated two notches below the issuer credit rating, but S&P's rating on this junior subordinated debenture was three notches below our issuer credit rating on the Hanover Group.

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