info

Yes No
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Está por salir del sitio local de México y comenzará a navegar en el sitio global. ¿Desea continuar?
No mostrar este mensaje nuevamente
Si
No
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE”, you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s information that becomes accessible to you (the “Information”). References herein to “Moody’s” include Moody’s Corporation. and each of its subsidiaries and affiliates..

 

Terms of One-Time Website Use

 

1.             Unless you have entered into an express written contract with www.moodys.com to the contrary and/or agreed to the Terms of Use at www.moodys.com or ratings.moodys.com, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.                   

 

2.             CREDIT RATINGS AND MOODY’S MATERIALS FOUND ON WWW.MOODYS.COM OR SITES OTHER THAN RATINGS.MOODYS.COM MAY NOT BE DISPLAYED IN REAL TIME. FOR REAL-TIME DISPLAYS OF CREDIT RATINGS AND OTHER INFORMATION REQUIRED TO BE DISCLOSED BY MIS PURSUANT TO APPLICABLE LAW OR REGULATION, PLEASE USE RATINGS.MOODYS.COM.           

 

3.             You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities. Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision. No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.

 

4.             To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.     

 

5.             You agree to read and be bound by the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.​​​

 

6.             You agree that any disputes relating to this agreement or your use of the Information, whether in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

​
I AGREE
Rating Action:

Moody's affirms Nationwide Mutual and Nationwide Financial subsidiaries at A1 IFS; upgrades acquired Harleysville subsidiaries to A1 IFS

12 Sep 2013

$5.0 billion in total debt affected

New York, September 12, 2013 -- Moody's Investors Service has affirmed the A1 insurance financial strength (IFS) ratings of Nationwide Mutual Insurance Company and its legacy property-casualty affiliates and the A3(hyb) surplus note rating of Nationwide Mutual. In the same rating action, Moody's also affirmed the A1 IFS ratings of Nationwide Mutual's primary life insurance affiliates -- Nationwide Life Insurance Company and Nationwide Life & Annuity Insurance Company -- along with the Baa1 senior debt rating of the life group's direct holding company, Nationwide Financial Services (NFS). Finally, Moody's upgraded the IFS ratings of the Harleysville operating companies, acquired by Nationwide Mutual in May 2012, to A1 from A2. The rating outlook for Nationwide Mutual and all of its rated affiliates is stable.

RATINGS RATIONALE

Property and Casualty Insurance Group

According to Paul Bauer, Moody's lead analyst for Nationwide Mutual, "The group's credit profile has largely remained steady, with increases in capital largely in line with premium growth, and improved product diversification, somewhat offset by an increase in commercial insurance business with its associated higher product risk."

According to Moody's, Nationwide Mutual's A1 IFS rating reflects the company's significant market position in personal lines insurance, excellent brand recognition, strong product diversification including small business commercial and certain specialty lines, a sound balance sheet, and conservative operating history. These strengths are tempered by weak profitability for the company, coupled with high exposure to natural catastrophes. Longer-term challenges for the company include sales force productivity relating to the challenges of operating primarily through a large agency distribution system while competing against peers with large direct sales operations, a high expense structure, and exposure to asbestos and environmental (A&E) liabilities.

The upgrade of the Harleysville operating companies to A1 IFS from A2 IFS was based on them becoming part of the Nationwide Mutual pooling agreement earlier this year, and thus having their ratings aligned with those of Nationwide Mutual. Bauer added, "The integration of Harleysville into Nationwide Mutual has gone smoothly, with integration costs having only a moderate impact on consolidated profitability, reserve liability estimates remaining steady, and minimal disruption to the agency sales force."

Moody's noted that factors that could result in a ratings upgrade for Nationwide Mutual include the following: 1) a significant reduction in catastrophe loss exposure, 2) sustained improvement in profitability with returns on capital exceeding 10%, and 3) interest coverage consistently above 8x (consolidated GAAP). Conversely, factors that could result in a rating downgrade include the following: 1) an erosion of policyholders' surplus by more than 10% over a twelve month period, 2) gross underwriting leverage above 3.5 times, 3) a material credit deterioration in the stand-alone credit profile of the company's life insurance subsidiary (NFS), 4) adjusted financial leverage above 30% (consolidated GAAP for Nationwide Mutual and NFS), or 5) interest coverage remaining below 4x (consolidated GAAP).

Life Insurance Group

The affirmation of the ratings of Nationwide Financial Services and its operating subsidiaries reflects the group's established, and in some cases, leading positions in the U.S. annuity and pension markets, excellent brand recognition, well-diversified distribution channels, and its strong capitalization.

"NFS remains a leading player in the U.S. 457 market for retirement plans sold to state and local governments, as well as an important provider of trust pension plans for the private sector," said Vice President, Laura Bazer. Moody's added that strong capital adequacy, as measured by consolidated NAIC Risk-Based Capital Ratios (RBC) at over 400% (Company Action Level) since 2009 -- including 559% at year-end 2012 -- was a key rating consideration, given the company's sizable and growing variable annuity (VA) portfolio with guaranteed benefits (largely withdrawal benefits), which exposes the company's capital and earnings to equity market and interest rate risk.

Relatively weak -- albeit recently improving -- profitability, as well as NFS' exposure to other highly competitive asset accumulation products (e.g., pension products, mutual funds), which are also equity market and interest rate sensitive, are additional credit challenges.

The following factors could result in an upgrade of the ratings of NFS and its subsidiaries: 1) sustained improvement in profitability with returns on capital exceeding 10% and significantly reduced earnings volatility, and 2) interest coverage consistently above 8x (consolidated GAAP). Conversely, the following factors could lead to a downgrade in NFS' ratings: 1) adjusted financial leverage above 30% (consolidated GAAP for Nationwide Mutual and NFS), 2) interest coverage remaining below 4x (consolidated GAAP), 3) consolidated NAIC RBC ratio (Company Action Level) for the life companies of less than 350%, or 4) significant additional growth in the company's exposure to VAs with guarantees relative to total liabilities.

The following ratings have been affirmed with a stable outlook:

Nationwide Mutual Insurance Company - insurance financial strength at A1 and surplus notes rating of A3(hyb);

Crestbrook Insurance Company - insurance financial strength at A1.

Farmland Mutual Insurance Company - insurance financial strength at A1;

Nationwide Agribusiness Insurance Company - insurance financial strength at A1;

Nationwide Assurance Company - insurance financial strength at A1;

Nationwide General Insurance Co. - insurance financial strength at A1;

Nationwide Mutual Fire Insurance - insurance financial strength at A1;

Nationwide Property & Casualty Insurance Co. - insurance financial strength at A1;

Scottsdale Insurance Co. - insurance financial strength at A1;

Nationwide Life Insurance Company - insurance financial strength at A1, and commercial paper at P-1;

Nationwide Life & Annuity Insurance Co - insurance financial strength at A1;

Nationwide Financial Services, Inc. -- senior unsecured debt rating at Baa1, and junior subordinate debt rating at Baa2 (hyb);

Nationwide Life Global Funding I -- funding agreement-backed senior secured at (P)A1;

Nationwide Financial Services Capital Trust -- backed preferred stock at Baa2 (hyb);

The following ratings have been upgraded with a stable outlook:

Harleysville Insurance Company of New Jersey - insurance financial strength to A1 from A2;

Harleysville Preferred Insurance Company - insurance financial strength to A1 from A2;

Harleysville Lake States Insurance Company - insurance financial strength to A1 from A2;

Harleysville Insurance Company - insurance financial strength to A1 from A2;

Harleysville Insurance Company of New York - insurance financial strength to A1 from A2;

Harleysville Pennland Insurance Company - insurance financial strength to A1 from A2;

Harleysville Worcester Insurance Company - insurance financial strength to A1 from A2.

Nationwide Mutual, headquartered in Columbus Ohio, is one of the largest property and casualty insurance groups in the U.S. The organization also maintains significant life insurance and annuity business through its ownership of Nationwide Financial Services, Inc. For the first half of 2013, the consolidated Nationwide Group reported total GAAP operating revenue of $12.3 billion and net income of $1.1 billion. Policyholder equity at June 30, 2013 was $19.1 billion.

Nationwide Financial Services, Inc. and its life insurance subsidiaries have been wholly-owned by Nationwide Mutual Insurance Company (NMIC) since January 2009. At June 30, 2013, the company reported consolidated GAAP assets of approximately $128 billion and shareholders' equity of $6.6 billion.

The principal methodologies used in rating Nationwide Mutual and its affiliates are the Moody's Global Rating Methodology for Property and Casualty Insurers published May 2010, and the Moody's Global Rating Methodology for Life Insurers published in May 2010. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Paul Bauer
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Riegel
MD - Insurance
Financial Institutions Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's affirms Nationwide Mutual and Nationwide Financial subsidiaries at A1 IFS; upgrades acquired Harleysville subsidiaries to A1 IFS
No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the credit rating process or in preparing its Publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  
Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
InicioEstudios & CalificacionesProductos & SolucionesNoticias & EventosEmpleo
Ayuda y SoporteContactoPresente su Queja
Condiciones de UsoPolítica de PrivacidadDerechos de Propiedad
© 2023 Moody’s Investors Service, Inc., Moody’s Analytics, Inc. y/o sus afiliadas y licenciadas. Derechos reservados.