A.M. Best Assigns Debt Ratings to The Hartford's Shelf Registration.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Aug. 28, 2003 A.M. Best Co. has assigned indicative ratings of "a-" senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. , "bbb+" subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". , "bbb" preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and "bbb" trust preferred securities of Hartford Capital IV, V and VI associated with the $3 billion universal shelf filing announced by Hartford Financial Services Group Inc. (The Hartford) (Hartford, CT) (NYSE NYSE See: New York Stock Exchange :HIG HIG Human immunoglobulin, see there ) on August 19, 2003. A.M. Best has cited in previous press releases Hartford's low level of holding company liquidity and cash flow, which was the major reason for the downgrading of the company's debt ratings in May 2003. The debt ratings have been -- and continue to be -- supported by The Hartford's proven access to capital markets, diversification and consistency of earnings, proven capacity for internal capital generation and market leadership in both property/casualty and life operations. In assigning the indicative ratings, A.M. Best assumes The Hartford will continue to decrease leverage and lighten holding company cash requirements. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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