Fitch affirms Travelers

Fitch Ratings said it affirmed Travelers Cos., Inc.'s issuer default rating at A+, senior notes at A and subordinated notes at BBB+.

The outlook is stable.

The affirmation reflects the company's strong competitive position, long trend of solid earnings and moderate financial leverage, the agency said.

Balanced against these are the current pricing pressures of a very competitive market and concern regarding the company's large allocation to municipal bonds, the agency noted.

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