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 2032

Phoenix 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

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit

Copyright © 2012 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Copyright Business Wire 2010

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