Standard & Poor's Ratings Service downgraded the financial strength rating on the Hartford Financial Services Group and revised the outlook for State Farm Mutual Automobile Insurance Co.
Yesterday's action reflected perceived capital weakness at the Hartford and State Farm, S&P said.
S&P lowered the financial strength rating on the property-casualty and life companies from "A-plus" to "A." It also lowered the counterparty credit rating on Hartford Financial Services Group to "triple-B" from "triple-B-minus."
The outlook on all the companies is negative.
State Farm saw its outlook revised from stable to negative, but the "double-A" financial strength ratings on the core companies remained intact.
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