Friday, May 14, 2010
S&P warns on commercial real estate: Principal Financial, Pacific LifeCorp Downgraded
Standard & Poor's downgraded three insurance companies, including Principal Financial (PFG), citing expected losses on commercial mortgages and commercial mortgage-backed securities, or CMBS.
Thursday's downgrades come after an industry-wide review led the rating agency to focus on "several U.S. life companies with significant exposure to commercial mortgages and CMBS relative to total invested assets or potential losses relative to capital under stress scenarios."
Also getting downgraded Thursday were mutual insurers NLV, which is part of National Life Insurance, and Pacific LifeCorp, which runs Pacific Mutual and Pacific Life. They and Principal are now rated triple-B, the second-lowest investment grade rating...
Fortune: S&P warns on commercial real estate: Principal Financial, Pacific LifeCorp Downgraded
Thursday's downgrades come after an industry-wide review led the rating agency to focus on "several U.S. life companies with significant exposure to commercial mortgages and CMBS relative to total invested assets or potential losses relative to capital under stress scenarios."
Also getting downgraded Thursday were mutual insurers NLV, which is part of National Life Insurance, and Pacific LifeCorp, which runs Pacific Mutual and Pacific Life. They and Principal are now rated triple-B, the second-lowest investment grade rating...
Fortune: S&P warns on commercial real estate: Principal Financial, Pacific LifeCorp Downgraded
Permalink posted by markw @ 5:39 AM 
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