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CHARLOTTE, N.C. - Fitch Ratings said Monday it has lowered its outlook for the issuer-default ratings, senior debt and insurer financial strength ratings for the Hartford Financial Services Group Inc. and its primary life and property and casualty insurance subsidiaries to "Negative" from "Stable."
| HIG | 4.95 |  -0.62 |
The move reflects concerns related to the Hartford Financial's financial profile in an "extraordinarily challenging credit market environment," Fitch said.
"Hartford's life insurance operations have experienced a drop in capital levels caused by a deterioration in asset values and a decline in earnings, both of which are driven by weakened capital market conditions," Fitch said in a statement.
Shares of Hartford Financial fell $6.64, or 11.7 percent, to close at $50 in trading Monday, as the broader market fell dramatically following the House defeat of a financial bailout package.
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