A.M. Best Co. has commented that the ratings of The Phoenix Companies, Inc. (Phoenix) (Hartford, CT) [NYSE: PNX] and its key subsidiaries will remain unchanged following the company’s recent announcement that it will delay the filing of its third quarter 2012 financial results for up to two weeks. Additionally, Phoenix will restate certain of its GAAP financial statements for the years ended December 31, 2011, 2010 and 2009, the interim periods for 2011, and the first and second quarters of 2012. The outlook for all ratings is positive. (See A. M. Best’s press release dated January 12, 2012 for further information.)
The announced delayed SEC filing and the restatement reclassifying certain items on the consolidated statement of cash flows of prior periods is not expected to have a material impact on Phoenix’s GAAP or statutory results. Beginning and ending balances or the total change in cash and cash equivalents that were previously reported for the periods are not expected to change materially.
A.M. Best will continue to monitor developments regarding Phoenix’s restatement and filing of third quarter results. Moreover, A. M. Best will discuss with management any additional findings during this process, including any potential change in the materiality of any adjustments.
The methodology used in determining these ratings is Best’s Credit Rating Methodology , which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
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