Printer Friendly

CAPITAL HOLDING RECEIVES RATING UPGRADES FROM MOODY'S

 LOUISVILLE, Ky., March 4 /PRNewswire/ -- "We are very pleased at the announcement that Moody's Investors Service has upgraded Capital Holding's (NYSE: CPH) senior debt and commercial paper ratings," said Irving W. Bailey II, Capital Holding's chairman, president and chief executive officer. "We believe these upgrades are another confirmation of the value of Capital Holding's competitive strategies and positive earnings outlook, in addition to our sustained performance during a prolonged, slow economy."
 Moody's upgraded Capital Holding's senior debt to A2 from A3; raised its commercial paper rating to Prime-1 from Prime-2; and raised its preferred stock rating to "a2" from "a3." In addition, Moody's also assigned a first time insurance financial strength rating of A2 to National Home Life Assurance Company, a Capital Holding subsidiary.
 According to Moody's, the upgrades reflect Capital Holding's improved earnings outlook, which is driven primarily by the corporation's continuing cost reduction efforts and the improved performance of the corporation's consumer banking business.
 "Our asset quality, balance sheet and liquidity remain very strong," said Bailey. "We know that Moody's has held a conservative view regarding commercial mortgage holdings and in its release noted that we have 'fairly significant exposure to commercial mortgage loans.' Our business fundamentals haven't changed but Moody's has had the opportunity to evaluate our performance and stability through a recessionary time."
 In assigning National Home Life's first-time rating of A2, the rating agency noted the subsidiary's exposure to commercial mortgages and its emphasis on interest-sensitive products, particularly individual annuities, but also recognized National Home's "good earnings, its sound capitalization, and its good quality bond portfolio."
 Capital Holding Corporation is one of the nation's largest shareholder-owned life insurance organizations, with $20.6 billion in assets and $56.8 billion of life insurance coverage in force.
 The corporation offers a broad range of financial services and products through agents, direct-marketing media, investment professionals and retail locations. Its common stock is listed on the New York and Pacific Stock Exchanges under the ticker symbol CPH; its preferred stock is listed on the New York Stock Exchange under the symbol CPHF.
 -0- 3/4/93
 /CONTACT: Bonnie Otto, 502-560-3019 or Michael Bateman, 502-560-2723, both of Capital Holding Corporation/
 (CPH)


CO: Capital Holding Corporation; Moody's Investors Service ST: Kentucky IN: INS SU:

DF -- CH005 -- 2969 03/04/93 12:05 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 4, 1993
Words:382
Previous Article:NEW YORK CITY SCHOOLS LAUNCH INTERACTIVE VIDEO NETWORK; LINKED TO MISSISSIPPI FIBERNET 2000 LEARNING NETWORK
Next Article:CALL-NET BUYS CABLE & WIRELESS NETWORK SERVICES DIVISION
Topics:


Related Articles
PRIMERICA ANNOUNCES $300 MILLION PREFERRED STOCK OFFERING; 12 MILLION DEPOSITARY SHARES OFFERED AT $25 A SHARE; YIELD OF 8-1/8 PERCENT
CAPITAL HOLDING COMPANIES RECEIVE FOURTH RATINGS UPGRADE THIS YEAR
RELIASTAR FINANCIAL RECEIVES UPGRADES FROM MOODY'S ON SENIOR DEBT RATING, FINANCIAL STRENGTH RATING OF NWNL SUBSIDIARY
American Annuity Group Receives Ratings Upgrade.
Capital One Financial Corp. Senior Debt Upgraded To Investment Grade by Moody's.
/C O R R E C T I O N -- Wachovia Corporation/.
Moody's mulls raising Mitsui Life rating on improved earnings.
Moody's raises Sumitomo Life credit rating to A2.
National Western Life Announces Upgrade of Financial Strength Rating.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters