DUFF & PHELPS: AETNA LIFE AND CASUALTY COMPANY SENIOR DEBT RATING REAFFIRMED AT 'AA' COMMERCIAL PAPER RATED 'DUFF 1+'
CHICAGO, June 23 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has reaffirmed the senior debt rating of the Aetna Life and Casualty Company (Aetna) at `AA' (Double-A) and has established a commercial paper rating of Duff 1+ (Duff-One-Plus). In addition the claims paying ability of the following entities have been reaffirmed: the Aetna Property and Casualty Intercompany Pools at `AA+' (Double-A-Plus), the Aetna Life Insurance Company at `AA+' (Double-A-Plus), and the Aetna Life Insurance and Annuity Company at `AAA' (Triple-A). At March 31, 1993, Aetna had $961 million in long term debt and $88 million in commercial paper outstanding. The company is authorized to borrow up to $1 billion under its commercial paper program. On April 23, 1993, Aetna announced that it had filed a $500 million all purpose shelf registration with the SEC. Aetna has also announced that it will redeem, at the option of noteholders, its 7.75 percent notes due 2016 on July 17, 1993. The company also redeemed, on June 15, 1993, its 8.125 percent debentures due 2007. The Aetna Life and Casualty Company and its subsidiaries constitute the largest shareholder-owned insurance company in the United States with $94.5 billion in assets at yearend 1992. The Aetna Property and Casualty Intercompany Pools are the eighth largest writer of property and casualty insurance in the United States with $4.9 billion in written premium during 1992. Aetna Life Insurance Company is the fourth largest life insurance company in the United States and Aetna Life Insurance and Annuity Company the twenty-second largest, with $50.9 billion and $15.2 billion in assets at the end of 1992, respectively. The Aetna Casualty and Surety Intercompany Pool and the Standard Fire Insurance Company Intercompany Pool are collectively known as the Aetna Property and Casualty Intercompany Pools. Members of the Aetna Casualty and Surety Intercompany Pools are: The Aetna Casualty and Surety Company, Aetna Casualty and Surety Company of Illinois, Aetna Casualty and Surety Company of America, Aetna Commercial Insurance Company, and Aetna Casualty Company of Connecticut. The members of the Standard Fire Insurance Intercompany Pool are: The Standard Fire Insurance Company. The Automobile Insurance Company of Hartford, Aetna Insurance Company, Aetna Personal Security Insurance Company, and Aetna Insurance Company of Illinois. -0- 6/23/93 /CONTACT: James B. Auden, CFA, 312-368-3146, or Timothy A. Bienek, 312-368-3192, both of Duff & Phelps Credit Rating Co./ (AET)
CO: Aetna Life and Casualty Company ST: Connecticut IN: INS SU: RTG
LR -- NY046 -- 5020 06/23/93 12:54 EDT
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|Date:||Jun 23, 1993|
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