Fitch cuts Cincinnati Financial

Fitch Ratings said it downgraded the issuer default rating of Cincinnati Financial Corp. to A from AA- and its senior debt ratings to A- from A+.

The outlook is negative.

The action is driven by a significant decrease in shareholders' equity in 2008 as a result of a decline in the value of the company's investment portfolio, Fitch said.

Ratings are supported by strong capitalization at the operating company level, competitive advantage, low non-commission expense structure and excellent claims service, the agency said.

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