FitchRatings on April 1 lowered its issuer financial strength rating on to EAA+(slv)' from EAAA(slv), with a stable outlook.

The ratingagency said that the downgrade reflects a "sustained trend of deterioration"in the company's credit profile over recent years. It noted that the insurer's combinedratio of 110%, negative ROA and ROE, and its leverage ratio all compare unfavorablyin regard to its market peers.