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Moody’s To Lower Hartford Financial’s Ratings


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MarketWatch reports that Moody’s has lowered its ratings for Hartford Financial. The annuity provider’s life insurance business was downgraded to A1. This means Hartford no longer is high-credit-quality. Future downgrades could be forthcoming, since Moody’s also has a negative outlook for Hartford. A Hartford representative blames the credit crunch for making it harder to hedge against future losses in variable annuities.

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