Fitch changes Liberty Mutual to stable

Fitch Ratings said it affirmed Liberty Mutual Group Inc.'s insurance operating subsidiaries' insurer financial strength ratings at A- (strong) and its senior debt rating at BBB-.

The outlook was revised to stable from positive.

Fitch said the outlook revision represents modest deterioration in key credit metrics for Liberty Mutual, particularly in the company's capitalization, since the positive outlook was established in December 2016.

Underlying financial performance of the company has generally improved relative to higher-rated peers in recent years despite a catastrophe driven calendar-year underwriting loss in 2017. However, the agency explained, weaker than peer capitalization has constrained the rating.

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