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 following the announcement of the completion of the company's acquisition of Safeco Corp.

In the same action, Moody's said it has downgraded the insurance financial strength ratings of Safeco's operating subsidiaries to A2 from A1 and the senior debt rating at Safeco Corp. to Baa2 from Baa1 thereby aligning the companies' ratings.

According to the agency, the outlook on all long-term ratings remains negative while the affirmation of Liberty Mutual's ratings is based on the completion of the Safeco acquisition, and related financing, in a manner that is consistent with the company's stated plans at the time of announcement, as well as the group's operational and financial performance in the interim, notwithstanding some negative impact from recent hurricanes and credit turmoil.

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