S&P cuts Hartford Financial outlook to negative

Standard & Poor's said in a corrected release that it revised its outlook on Hartford Financial Services Group Inc. to negative from stable.

At the same time, S&P said it affirmed its A counterparty credit rating on Hartford Financial and its AA- counterparty credit and financial strength ratings on all of the company's core insurance operating subsidiaries, including Hartford Life & Accident Insurance Co. and affiliates and Hartford Fire Insurance Co. Intercompany Pool.

The outlook on all of these companies except Hartford Financial Services remains stable.

According to S&P, these rating actions follow Hartford Financial's announcement that for the third quarter of 2008, it expects to report material asset impairments estimated at $2.1 billion-$2.2 billion after taxes and will take a significant deferred acquisition cost write-down estimated at $915 million.

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