NEW YORK (TheStreet) -- Standard & Poor's on Monday detailed its ratings actions for insurance companies, following the ratings agency's downgrade of its long-term debt rating for the United States to AA+ from AAA and additional downgrades of government-sponsored enterprises.
As a result of the U.S. debt downgraded, S&P also downgraded five insurers to AA+ ratings from AAA, while keeping negative credit outlooks for the group.
S&P lowered its long-term counterparty risk and financial strength ratings for the following companies:
- Knights of Columbus, New York Life Insurance Co.
- New York Life
- Northwestern Mutual
- Teachers Insurance & Annuity Assoc. of America (TIAA)
- United Services Automobile Assoc. (USAA)
At the same time S&P affirmed its AA+ ratings for the following companies:
- Assured Guaranty
- Berkshire Hathaway (BRK.A)
- Massachusetts Mutual
- Western & Southern
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
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