S&P downgrades Hartford and Phoenix

Standard & Poor's has downgraded ratings of The Hartford and The Phoenix Cos. and warned of potential damage to The Hartford's well-known brand.

S&P lowered The Hartford Financial Services Group's BBB+ credit rating Tuesday to BBB, still in the "adequate" range, and dropped credit and financial strength ratings on subsidiaries to A from A+, still in the "strong" range. It was the third time in a month that S&P downgraded credit ratings of the parent company.

The rating agency said The Hartford's earnings, capital, and financial flexibility "have been weakened considerably" by the deepening stock market decline, volatility, and significant asset impairments in the past two quarters...

Courant: Standard & Poor's Downgrades Ratings Of The Hartford, Phoenix Cos.