Standard & Poor’s Ratings Services has lowered its counterparty credit rating on Educators Corp. to “BBB” from “BBB+.”
At the same time, Standard & Poor’s lowered its counterparty credit and financial strength ratings on Horace Mann Property and Casualty Insurance Co., Horace Mann Insurance Co., Teachers Insurance Co., and Horace Mann Life Insurance Co. to “A” from “A+” and subsequently removed all the ratings from credit watch. The outlook is negative, the agency said in a statement.
In addition, Standard & Poor’s assigned its “BBB” preliminary senior debt rating, “BBB-” preliminary subordinated debt rating, and “BB+” preliminary preferred stock rating to HMN’s $300 million mixed-use shelf registration, which was filed Dec. 16, 2003.
The ratings were placed on credit watch with negative implications Oct. 28, 2003, following HMN’s announcement of lower than expected earnings in 2003 due to adverse prior years’ reserve development primarily related to its voluntary auto liability claims from accident years 2001 and 2002.
Standard & Poor’s views all of HMN’s operating companies as core to each other and therefore they share the same ratings.
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