Fitch affirms Symetra, debt

Fitch Ratings said it affirmed Symetra Financial Corp.’s issuer default rating at A- and the ratings of all its outstanding debt at BBB+.

The outlook is stable.

The ratings reflect Symetra's status as a wholly owned subsidiary of Sumitomo Life Insurance Co., the agency said.

Fitch said it classifies Symetra as a very important subsidiary within the Sumitomo enterprise and as such, rates Symetra's issuer default rating and debt one notch higher than it would on a standalone basis, reflecting its parent's unconstrained rating and considering its enhanced financial and capital resources.

The agency said Symetra’s standalone credit profile reflects the company's strong capitalization, moderate financial leverage and diversified earnings.

Additional strengths include the company's competitive position in the group medical stop-loss market and fixed annuities sold through banks, Fitch said.

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