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Fitch downgrades Brighthouse
Fitch Ratings said it downgraded the insurer financial strength ratings of Brighthouse Life Insurance Co. and New England Life Insurance Co. to A from A+.
Fitch also said it downgraded the expected issuer default ratings of Brighthouse Financial, Inc. and Brighthouse Holdings, LLC to BBB+ from A-.
The outlook is stable.
The downgrades reflect deterioration in the company's projected capitalization metrics relative to expectations and management targets for such metrics as disclosed in registration documents filed by Brighthouse, Fitch said.
The specific filings include its funding of assets in support the company's variable annuity business, consolidated financial leverage and the overall levels of statutory capital, the agency explained.
The company's previous ratings reflected an expectation of more stability in these metrics under normal market conditions, particularly in light of changes in the company's hedging strategy and a lack of operating history as a stand-alone company, Fitch said.
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