MUMBAI (Thomson Financial) - Fitch Ratings revised to negative from stable
its outlook on the life insurance units of The Phoenix Companies Inc., after the
company reported a first-quarter loss of $19 million.
"Fitch views PNX's profitability as below similarly rated peers and Fitch
expectations, but believes the company is executing a profitability improvement
action plan that is proceeding in the right direction," the agency said.
It added it views the first quarter 2008 performance as a setback in PNX
achieving Fitch's full year 2008 expectations and has some uncertainty whether
some aspects of the earnings setback will continue further in the year.
Fitch affirmed the 'A+' insurer financial strength ratings on the entities.
TFN.newsdesk@thomson.com
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