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Fitch Downgrades Phoenix Life Insurance Company's IFS to 'BBB+'; Places on Watch Negative.

Publication: Insurance Weekly News
Publication Date: 20-MAR-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings assigned to the life insurance subsidiaries of The Phoenix Companies, Inc. (NYSE:PNX) to 'BBB+' from 'A' and placed the ratings on Rating Watch Negative. A full rating list is provided below.

The rating action reflects the deterioration in PNX's statutory capital and risk-based capital (RBC) relative to previous levels and Fitch's expectations. These declines were primarily a result of investment impairments, unrealized losses and variable annuity reserving requirements given the unprecedented economic turmoil. Fitch is concerned that PNX's capital will continue to be pressured over the...

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