S&P Global Ratings lowered its long-term counterparty credit rating on Ohio National Financial Services Inc. to BBB+ from A-.

The rating agency also lowered its long-term counterparty credit and financial strength ratings on Ohio National's core operating companies, Ohio National Life Insurance Co. and Ohio National Life Assurance Corp., to A+ from AA-.

The outlook is stable.

S&P said it believes Ohio National's variable annuity book and potential exposure to market volatility have grown to a significant level. The outlook reflects the rating agency's expectation that Ohio National Financial Services will maintain AA capital adequacy and will continue to consistently grow life insurance sales, while maintaining historically favorable actual-to-expected experience on lapse and mortality.

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