CNA Financial Corporation announced a 2008 fourth-quarter net loss of $336 million, or $1.31 per share, and a full-year net loss of $299 million, or $1.18 per share.

The Chicago-based insurer attributed the results mostly to investment losses stemming from continuing turmoil in the financial markets.

In reaction, Moody's Investors Service affirmed CNA ratings, but revised its outlook for CNA Financial Corp.'s senior debt and insurance financial strength ratings to negative from stable due to "issues stemming from continued investment losses."

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