Moody's Downgrades Chubb, Cites Earnings Volatility
NU Online News Service, March 9, 1:46 p.m. EST?Moody's Investors Service has lowered its debt ratings for the Chubb Corporation to "A2" from "A1", citing its concerns over the insurer's earnings volatility and a potential for asbestos losses hurting profits.[@@]
Moody's ratings action follows a review initiated last week. The "Aa2" insurance financial strength ratings for Chubb's operating units is unaffected by this action, Moody's said. But following this rating action, the outlook for the insurance financial strength ratings as well as debt and commercial paper ratings for Chubb and its rated subsidiaries is "negative."
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