S&P affirms Western & Southern

Standard & Poor's said it affirmed the ratings on Western & Southern Financial Group Inc., including the AA- long-term counterparty credit rating.

S&P also said it affirmed the ratings on Western and Southern Life Insurance Co. and its related subsidiaries.

The outlook is negative.

Despite the affirmation, there is increasing pressure on the ratings, the agency said.

The negative outlook reflects not only the U.S. sovereign downgrade risk, but also the increasing focus in the issuer's long-term business risk profile as it gravitates toward spread-based or fee-based retirement income products, S&P said.

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