The ratings are likely to remain under review pending the completion of the waiver process and the filing of the year-end 2012 Form 10-K.
The FSR of B+ (Good) and ICRs of “bbb-” have been placed under review with negative implications for the following subsidiaries of The Phoenix Companies, Inc.:
- Phoenix Life Insurance Company
- PHL Variable Insurance Company
- Phoenix Life and Annuity Company
- American Phoenix Life and Reassurance Company
The following debt ratings have been placed under review with negative implications:
The Phoenix Companies, Inc.—-- “bb-” on $300 million 7.45% senior unsecured notes, due 2032Phoenix Life Insurance Company—-- “bb” on $175 million 7.15% surplus notes, due 2034 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.