Hartford, Conn., Aug. 28, 2015 – The Phoenix Companies, Inc. (NYSE: PNX) (“Phoenix”) reported that Standard & Poor’s (“S&P”) affirmed Phoenix’s long-term counterparty credit rating and the financial strength ratings of Phoenix Life Insurance Company and PHL Variable Insurance Company. Further, S&P assigned Phoenix a stable outlook. S&P removed the CreditWatches it placed on Phoenix and its insurance company subsidiaries on July 9, 2015.
In response to the S&P action, Phoenix issued the following statement: “Today’s action by S&P reflects Phoenix’s improved financial profile and capital position. S&P recognized the benefit of the intercompany reinsurance treaty and de-stacking of our insurance company subsidiaries in enhancing our capital position and improving liquidity. The company remains committed to further strengthening its financial profile.”