Financial Strength Rating for The MONY Group Inc.'s Insurance Units Upgraded by Moody's.
MONY Life Insurance Company and MONY Life Insurance Company of America, two insurance subsidiaries of The MONY Group Inc. (NYSE: MNY), received an insurance financial strength rating upgrade today from Moody's Investors Service. The rating was upgraded to A2 from A3, according to Moody's.
The rating agency also upgraded the subordinated debt (surplus notes) rating of MONY Life Insurance Company to Baa1 from Baa2.
"This rating upgrade represents yet another third party endorsement that The MONY Group is making progress towards meeting its financial objectives," stated Michael I. Roth, chairman and chief executive officer of The MONY Group Inc. "Moody's observations about our business growth and expense reduction efforts are good news for our company, our policyholders and our shareholders."
Moody's insurance financial strength ratings measure an insurance company's ability to meet its senior policyholder claims and obligations. The A rating is assigned to insurance companies that offer good financial security. The increase to A2 from A3 indicates an improved position within the generic rating category of A.
The Moody's upgrade follows rating increases from Duff & Phelps Credit Rating Co. and A.M. Best Company earlier this year.
In October, Duff & Phelps Credit Rating Co. upgraded the claims-paying ability rating for MONY Life Insurance Company to AA- (Very High) from A+ (High). Duff & Phelps also assigned an AA- (Very High) rating to MONY Life Insurance Company of America.
In August, A.M. Best Company upgraded the rating for the U.S. insurance company members of The MONY Group. (The companies upgraded to A (Excellent) from A- by A.M. Best were: MONY Life Insurance Company, MONY Life Insurance Company of America, and U.S. Financial Life Insurance Company.)
About The MONY Group Inc.
The MONY Group Inc. (NYSE: MNY) is the holding company for the member companies of The MONY Group, which provide financial protection and asset accumulation products and services. Member companies include MONY Life Insurance Company, founded in 1842 as The Mutual Life Insurance Company of New York; MONY Life Insurance Company of America; U.S. Financial Life Insurance Company; Enterprise Capital Management, Inc.; MONY Securities Corporation; and Trusted Securities Advisors Corp.
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|Date:||Nov 30, 1999|
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