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Standard & Poor's Ratings Services on Sept. 25 downgraded its counterparty credit rating on Liberty Mutual Group Inc. to BBB- from BBB and its counterparty credit and financial strength ratings on the insurance companies that constitute the Liberty Mutual Insurance Group to A- from A.
Concurrently, the rating agency lowered the short-term debt rating, based on a guaranty from Liberty Mutual Insurance Co., to A-2 from A-1.
S&P also lowered its counterparty credit rating on Safeco Corp. to BBB- from BBB+ and its counterparty credit and financial strength ratings on the Safeco Insurance Co. intercompany pool members to A- from A+.
Also, S&P removed all of these ratings from CreditWatch, where the agency placed them on April 23 with negative implications.
The outlook on all these companies is stable.
Previously, the agency placed the ratings on CreditWatch negative after...