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Moody’s affirms The Hartford ratings
18 March 2010
Moody’s believes uncertainty exists regarding the capital adequacy of the organisation's life insurance operation, both in terms of its investment portfolio and its variable annuity liabilities.
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Moody’s
The Hartford
ratings
capital adequacy
tarp
Troubled Asset Relief Programme
Moody's Investors Service has affirmed the credit ratings of The Hartford Financial Services Group, (senior debt rated Baa3) and its main operating subsidiaries following the company's announcement that it intends to repay the $3.4bn Troubled Asset Relief Programme (Tarp) fund.
The transaction is to be partially funded through a new capital raise of approximately $3.05bn, which will include $1.1bn of senior debt, $500m in mandatory convertible preferred stock, and $1.45bn in new common stock.
Moody’s noted that the...
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