Fitch affirms Unum

Fitch Ratings said it affirmed the debt and insurer financial strength ratings of Unum Group Inc. and its wholly owned insurance subsidiaries, adding that the rating action affects $1.8 billion of debt outstanding.

The outlook is revised to positive from stable.

The agency said that Unum's ratings reflect the company's leadership position in the employee benefits market and material progress in restructuring its business to improve profitability and decrease risk.

Affected ratings include the company's issuer default rating BBB, 5.997% notes due May 15, 2008 BBB-, 5.859% notes due May 15, 2009 BBB-, 7.625% notes due March 1, 2011 BBB-, 7% notes due July 15, 2018 BBB-, 7.25% notes due March 15, 2028 BBB-, 6.75% notes due Dec. 15, 2028 BBB- and 7.375% notes due June 15, 2032 BBB-.

According to Fitch, balance sheet risk has been reduced through reserve strengthening, the write-off of intangibles and improved operating company capitalization levels.

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