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S&P downgrades Loews

S&P Global Ratings has downgraded its long-term corporate credit and senior debt ratings on Loews Corp. to A from A+.

The rating agency also removed the company from CreditWatch with negative implications following acquisition of Consolidated Container Co. for about $1.2 billion.

The outlook is stable.

Consolidated Container's weak credit measures and the credit deterioration of Loews' partially owned subsidiary Diamond Offshore Drilling Inc. have lessened the asset credit quality of Loews' investee portfolio, the rating agency wrote.

Still, S&P expects Loews to maintain "exceptional" liquidity while continuing to receive significant cash dividends and investment income.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.