Moody's: Hartford view negative

Moody's Investors Service said it affirmed the A2 senior unsecured debt rating of Hartford Financial Services Group, Inc. and changed the outlook for holding company and the life insurance operating subsidiaries to negative. The outlook for the property and casualty insurance operating companies remains stable.

Moody's said the negative outlook on the life operations considers the segment's significant investment exposure to both structured securities and preferred stock in financial institutions relative to life capitalization.

The agency noted the outlook also reflects the potential for diminished earnings from asset-based fee businesses given depressed market levels as well as the potential for increased statutory capital requirements for variable annuity products.

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