S&P ups Phoenix view to stable

Standard & Poor's said it revised the outlook on Phoenix Cos. Inc. and its subsidiaries, Phoenix Life Insurance Co. and PHL Variable Insurance Co., to stable from negative.

The agency also said it affirmed the company's CCC+ counterparty credit rating and the BB- counterparty credit and financial strength ratings on the operating subsidiaries.

The outlook revision reflects Phoenix's improving capital position, S&P said. Its investment portfolio quality continues to strengthen as impairments gradually decline, the agency said, and the surrender rate has dropped.

Somewhat offsetting these strengths are Phoenix's weak competitive position and GAAP operating performance, S&P added.

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