Fitch affirms StanCorp

Fitch Ratings said it affirmed StanCorp Financial Group, Inc.'s long-term issuer default rating at BBB+, its senior debt rating and $250 million 6.875% senior notes due Oct. 1, 2012 at BBB and its junior subordinated debt rating and $300 million junior subordinated debt due 2067 at BB+. The outlook is stable.

The agency said the affirmation reflects a moderate decline in StanCorp's overall operating profitability in the first quarter relative to the fourth quarter of 2011 and the first quarter of 2011, which is in line with Fitch's expectations, and essentially stable financial leverage.

StanCorp's ratings are supported by the company's adequate balance sheet fundamentals and solid competitive position in the U.S. group insurance market, the agency said.

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