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Credit Rating Upgraded for The Hartford

Posted on 18 Dec 2009

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Moody's Investors Service raised credit ratings for The Hartford Financial Services Group Inc. from "developing" to "stable."

The company has a rating of Baa3, which is the lowest investor-grade rating; below that, companies are considered speculative or questionable.

The company's improved capitalization and financial flexibility were noted as reasons for the change.

"Even though The Hartford continues to have considerable challenges with its life operations, we believe that the group's overall credit profile has largely stabilized," Moody's Senior Credit Officer Paul Bauer said.

The company's third-quarter report showed a $220 million net loss, compared with a loss of $2.6 billion in the same quarter a year before.