Posted on 13 Feb 2009
Indicating CNA Financial Corp.'s exposure to the volatile credit and investment market conditions, Fitch Ratings has downgraded its financial strength rating of the carrier's property/casualty insurance subsidiaries to A- from A.
Fitch also downgraded Chicago-based CNA's issuer default rating to BBB from BBB+ and its senior debt rating to BBB- from BBB.
In its announcement the rating agency stated that the credit and investment market conditions “are having a negative impact on (CNA's) asset portfolio, earnings and capital position. Fitch believes that CNA’s negative earnings demonstrate a higher level of financial volatility than what was anticipated at the prior rating level.”