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S&P affirms State Auto
Standard & Poor's said it removed the counterparty credit and financial strength ratings on State Auto Group from CreditWatch, where it was placed in November with negative implications.
The agency also said it affirmed the ratings at BBB+.
State Auto Financial Corp.'s ratings also were removed from CreditWatch and affirmed at BB+.
The outlook is negative.
The action reflects the improvement in capital adequacy, mainly because of increased consolidated surplus and lower capital charges as result of the capital initiatives the company pursued, S&P said.
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