A.M. Best Boosts Allmerica Ratings
NU Online News Service, Jan. 22, 11:30 a.m. EST?A.M. Best Co. announced it has upgraded various ratings of Allmerica Financial Corporation, including financial strength ratings of the insurer's property-casualty companies, because the insurer eliminated dividends.[@@]
The Oldwick, N.J.-based rating agency said its action affected Allmerica's p-c companies' ratings, raised to "A-minus" (Excellent) from "B-double-plus" (Very Good), as well as the insurer's life-health companies, whose ratings moved up to "B-plus" (Very Good) from "B-minus" (Fair). At the same time, Allmerica's debt ratings were also upgraded, to "double-B-plus" from "double-B" for senior debt, "double-B-minus" from "B-plus" for capital securities, and "AMB-3" from "AMB-4" for commercial paper. All ratings have been assigned "stable" outlooks by A.M. Best.
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