Moody's affirms Liberty Mutual

Moody's Investors Service said it has affirmed the Baa2 senior unsecured debt and A2 insurance financial strength ratings of Liberty Mutual Group Inc. and its subsidiaries, respectively, following the company's announcement of its results of operations for the fourth quarter and full year 2008.

The outlook on all long-term ratings remains negative.

The outlook for Liberty Mutual's commercial paper program, rated Prime-2, remains stable, based on a guarantee provided by Liberty Mutual Insurance Co., whose issuer credit rating is Baa1, the agency added.

According to Moody's, Liberty Mutual reported pre-tax income in 2008 of $1.3 billion, net of realized capital losses of $330 million and the ratings affirmation of Liberty Mutual is based on its strong market position in both commercial and personal lines insurance in the USA and its diversified international operations, on the breadth of its product and distribution platform, and on its strong investment profile and overall sound profitability.

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