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 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.

Copyright Business Wire 2010

If you liked this article you might like

Phoenix Companies (PNX) Downgraded From Buy to Hold

3 Stocks Boosting The Insurance Industry Higher

Phoenix Companies (PNX) Upgraded From Hold to Buy

Phoenix Companies (PNX) Downgraded From Buy to Hold

Why Phoenix Companies (PNX) Stock Surged Today