Moody’s nips Nationwide notes

Moody’s Investors Service said it lowered Nationwide Mutual Insurance Co.’s surplus notes rating to Baa1 (hyb) from A3 (hyb) but affirmed the A1 senior unsecured debt rating at Nationwide Financial Services, Inc.

The agency said Nationwide Mutual’s property and casualty affiliates have been suffering from anemic profitability over the past several years, but noted the affiliates are responding by raising rates, tightening underwriting standards and investing in improved technology, but warned it could take a couple of years to achieve the targeted results.

The outlook is stable.

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