Fitch changes HCC subsidiaries to stable

Fitch Ratings said it affirmed HCC Insurance Holdings, Inc.'s long-term issuer default rating at A with a stable outlook.

The agency also affirmed the insurer financial strength ratings for HCC's operating subsidiaries at AA- and has revised the outlook to stable from negative.

Fitch said the action follows the announcement that Tokio Marine Holdings, Inc.'s (IFS A+/stable), HCC's parent, outlook was revised to stable following a revision to the local currency sovereign rating of A for Japan with a stable outlook.

The agency aligns HCC's operating company issuer default rating to that of its parent's core operating companies, but allows the insurer financial strength rating to be one notch above the core operating companies of Tokio Marine.

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