Moody's cuts Western & Southern

Moody's Investors Service said it has downgraded the senior debt rating of Western & Southern Financial Group, Inc. to A3 from A2.

In the same rating action, the insurance financial strength rating of the company's life insurance subsidiaries, including Western and Southern Life Insurance Co., were downgraded to Aa3 from Aa2, the agency said.

The outlook is stable.

The rating action follows recent investment losses and impairments in 2008, Moody's said, noting that the rating downgrade is based on concerns about the investment portfolio, including concentrated equity risk and structured finance exposures, as well as on the potential for further investment losses and diminished profitability.

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