Moody’s Puts Conseco Subsidiaries’ B2 Financial Ratings On Review For Downgrade
New York, April 16 - Moody's Investors Service has placed the B2 insurance financial strength ratings of Conseco Inc.'s insurance subsidiaries on review for possible downgrade. The rating agency has also confirmed the debt ratings of Conseco (senior at Ca), which continue to have a developing outlook. According to Moody's, the review will focus primarily on the relatively weak level of statutory capital at many of Conseco's insurance subsidiaries as well as on Conseco's ability to strengthen these capital positions over the near term. A combination of capital losses, reserve strengthening, and dividends paid to the parent company significantly reduced the capital positions of many of Conseco's insurance subsidiaries during 2002. The rating agency will also evaluate Conseco's new business production and surrender and lapse activity.
Published on April 16, 2003
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