Moody's Lowers Atlantic Mutual Ratings

NU Online News Service, Oct. 29, 9:57 a.m. EST?Moody's Investors Service has lowered financial strength and surplus notes ratings of the Atlantic Mutual Companies, concluding its ratings review of the New York-based insurer from last month.

The ratings agency said the downgrade involves Atlantic Mutual's insurance financial strength rating, which was lowered to "Baa3″ from "Baa1." Also affected by the downgrade is $100 million of 8.15 percent surplus notes due February 2028, which was lowered to "Ba3″ from "Ba1." Moody's noted the company now has a "developing" outlook status.

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