Fitch ups, withdraws Liberty Group

Fitch Ratings said it upgraded Liberty Group Ltd.’s (LGL) national insurer financial strength rating to AA+(zaf) from AA(zaf) and its national long-term rating to AA(zaf) from AA-(zaf).

The outlooks are stable.

Fitch also upgraded Liberty Group’s subordinated debt issue ratings to AA-(zaf) from A+(zaf).

The agency simultaneously withdrew all ratings for commercial reasons.

Fitch said the upgrade reflects the Liberty Group's consistently strong operating performance in line with higher-rated peers, and the maintenance of its strong franchise. The ratings are supported by the group's sound capital position, strong distribution capability and defensive business positioning.

These key rating strengths are offset by the group's lower diversification relative to peers, the agency said.

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