Earnings
S&P Lifts Rating On Hartford Financial Services
The Associated Press
06/15/09 - 01:05 PM EDT
NEW YORK (AP) Standard & Poor's Ratings Services raised its outlook on Hartford Financial Services Group Inc. Monday, citing the insurer's government funding.
The ratings agency boosted the Hartford, Conn.-based company's rating to stable from negative.
Hartford Financial Services Group, which recently cut its dividend, is one of six insurers allowed by the government to tap the Treasury Department's Troubled Asset Relief Program for additional capital. The company is eligible for $3.4 billion in TARP funds.
"Participation in the program enhances Hartford's financial flexibility, which we had viewed as a considerable weakness because of significant asset impairments and our prospective asset stress analysis," credit analyst Shellie Stoddard said in a statement.
Shares of Hartford Financial Services Group fell $1.12, or 8.7 percent, to $11.83 in afternoon trading during a broad market decline. Over the past year, the stock has traded in a range of $3.33 to $73.89.