Moody's lifts American Financial

Moody's Investors Service said it has upgraded the senior debt ratings for American Financial Group, Inc. and its wholly owned subsidiary, Great American Financial Resources, Inc. to Baa2 from Baa3 as well as the insurance financial strength ratings of American Financial's leading property and casualty insurance subsidiaries to A2 from A3.

The agency noted that this action concludes a review for possible upgrade that was initiated on Oct. 5. The outlook is stable.

According to Moody's, the upgrade for Great American Insurance Co. and its affiliated P&C pool members reflects the group's improved capital adequacy, higher levels of profitability and fixed charge coverage as well as the parent company's intention to maintain financial leverage at current levels.

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