Moody's lowers Chubb ratings

Moody's Investors Service said it lowered the debt ratings of The Chubb Corp., including the senior debt to A2 from A1, following a review which was initiated on Feb. 3. The insurance financial strength ratings of Chubb's operating subsidiaries (rated Aa2 for insurance financial strength) as well as the commercial paper rating of Chubb Capital Corp. (P-1) are unaffected by this action.

The outlook is negative.

In its rationale for downgrade, Moody's cited incremental concerns, including earnings volatility and potential demands on holding company assets, which have caused it to reconsider the atypical two notch differential that has existed between Chubb Corp.'s senior debt rating and the insurance financial strength ratings of its operating subsidiaries.

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