Fitch affirms Loews

Fitch Ratings said it has affirmed Loews Corp.'s debt ratings following the company's announcement that it has agreed to purchase $1.25 billion of a new series of non-voting cumulative senior preferred stock from CNA.

In addition, Loews board of directors has approved a commitment to purchase up to $1.0 billion of equity securities from its Boardwalk Pipeline subsidiary as the company continues to fund the remaining costs to complete its pipeline expansion projects, the agency said.

Fitch rates Loews' debt as follows: issuer default rating A and senior unsecured notes A.

The outlook is stable.

Upon the announcement of the investment in CNA by Loews, Fitch said it affirmed the BBB+ issuer default rating and BBB senior debt ratings of CNA Financial Corp. and the A insurer financial strength ratings of CAN Financial's insurance subsidiaries.

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