Fitch affirms StanCorp

Fitch Ratings said it affirmed StanCorp Financial Group's A- issuer default rating, BBB+ senior debt, BBB+ $250 million of 6.875% 10-year senior notes due Oct. 1, 2012, BBB junior subordinated debt and BBB- $300 million 60-year junior subordinated debt due May 29, 2067.

The outlook is stable.

The rating affirmation reflects StanCorp's good, albeit somewhat weakened, earnings profile, adequate balance sheet fundamentals and good competitive position in the U.S. group insurance market, Fitch said.

The company's historically favorable earnings driven by the company's group long-term disability and group life insurance business have weakened over the past year due to competitive market conditions and less favorable reserve development, the agency said.

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