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Article: Fitch Downgrades Minnesota Life's IFS Rating to 'AA-'; Outlook Stable.
- Article from:
- Business Wire
- Article date:
- June 23, 2009
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CHICAGO -- Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings of Minnesota Life Insurance Company (Minnesota Life) and its subsidiary, Securian Life Insurance Company, to 'AA-' from 'AA', and has downgraded the rating on the surplus notes of Minnesota Life to 'A' from 'A+'. The Rating Outlook is Stable.
Today's rating action reflects Fitch's concerns regarding the decline in Minnesota Life's capital position in 2008, as well as continuing pressure on the company's operating earnings. Capitalization was adversely affected in 2008 primarily by significant realized losses and impairments of structured securities, corporate bonds and common ...