S&P drops Hartford Financial

Standard & Poor's said it lowered its counterparty credit rating on Hartford Financial Services Group Inc. to BBB from BBB+ and its counterparty credit and financial strength ratings on all of the company's life and property/casualty operating subsidiaries to A from A+.

At the same time, S&P said it removed all of these ratings from Creditwatch, where they were placed on Feb. 9, with negative implications.

The outlook is negative.

"The downgrade reflects its opinion that Hartford's earnings, capitalization, and financial flexibility have been weakened considerably by the deepening equity market decline, continuing volatility, and significant asset impairments in the past two quarters," explained S&P credit analyst Shellie Stoddard.

"We believe the uncertainty of this financial stress could erode Hartford's brand and diverse competitive advantages, particularly in certain lines of business."

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