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Related Issuers
Glen Meadow Pass-Through Trust
Hartford Accident & Indemnity Co.
Hartford Capital III
Hartford Capital IV
Hartford Capital V
Hartford Capital VI
Hartford Casualty Insurance Co.
Hartford Financial Services Group, Inc. (The)
Hartford Fire Insurance Company
Hartford Insurance Company of Illinois
Hartford Insurance Company of the Midwest
Hartford Insurance Company of the Southeast
Hartford Life & Accident Insurance Company
Hartford Life Global Funding Trust 2004-001
Hartford Life Global Funding Trust 2004-002
Hartford Life Global Funding Trust 2004-003
Hartford Life Global Funding Trust 2004-004
Hartford Life Global Funding Trust 2004-005
Hartford Life Global Funding Trust 2004-006
Hartford Life Global Funding Trust 2004-008
Hartford Life Global Funding Trust 2004-009
Hartford Life Global Funding Trust 2004-010
Hartford Life Global Funding Trust 2004-011
Hartford Life Global Funding Trust 2004-012
Hartford Life Global Funding Trust 2004-013
Hartford Life Global Funding Trust 2004-014
Hartford Life Global Funding Trust 2004-015
Hartford Life Global Funding Trust 2004-016
Hartford Life Global Funding Trust 2004-017
Hartford Life Global Funding Trust 2004-018
Hartford Life Global Funding Trust 2004-019
Hartford Life Global Funding Trust 2004-020
Hartford Life Global Funding Trust 2004-021
Hartford Life Global Funding Trust 2005-001
Hartford Life Global Funding Trust 2005-002
Hartford Life Global Funding Trust 2005-003
Hartford Life Global Funding Trust 2005-004
Hartford Life Global Funding Trust 2005-005
Hartford Life Global Funding Trust 2005-007
Hartford Life Global Funding Trust 2005-008
Hartford Life Global Funding Trust 2005-009
Hartford Life Global Funding Trust 2005-011
Hartford Life Global Funding Trust 2005-012
Hartford Life Global Funding Trust 2005-013
Hartford Life Global Funding Trust 2005-014
Hartford Life Global Funding Trust 2005-015
Hartford Life Global Funding Trust 2005-016
Hartford Life Global Funding Trust 2005-017
Hartford Life Global Funding Trust 2005-018
Hartford Life Global Funding Trust 2005-019
Hartford Life Global Funding Trust 2005-020
Hartford Life Global Funding Trust 2005-021
Hartford Life Global Funding Trust 2005-022
Hartford Life Global Funding Trust 2005-023
Hartford Life Global Funding Trust 2005-024
Hartford Life Global Funding Trust 2005-025
Hartford Life Global Funding Trust 2005-027
Hartford Life Global Funding Trust 2005-028
Hartford Life Global Funding Trust 2005-029
Hartford Life Global Funding Trust 2005-031
Hartford Life Global Funding Trust 2005-033
Hartford Life Global Funding Trust 2005-036
Hartford Life Global Funding Trust 2005-038
Hartford Life Global Funding Trust 2005-039
Hartford Life Global Funding Trust 2005-040
Hartford Life Global Funding Trust 2005-042
Hartford Life Global Funding Trust 2005-043
Hartford Life Global Funding Trust 2005-045
Hartford Life Global Funding Trust 2005-048
Hartford Life Global Funding Trust 2005-052
Hartford Life Global Funding Trust 2005-053
Hartford Life Global Funding Trust 2005-054
Hartford Life Global Funding Trust 2005-056
Hartford Life Global Funding Trust 2005-057
Hartford Life Global Funding Trust 2005-059
Hartford Life Global Funding Trust 2005-061
Hartford Life Global Funding Trust 2005-063
Hartford Life Global Funding Trust 2005-064
Hartford Life Global Funding Trust 2005-067
Hartford Life Global Funding Trust 2005-068
Hartford Life Global Funding Trust 2005-070
Hartford Life Global Funding Trust 2005-071
Hartford Life Global Funding Trust 2005-072
Hartford Life Global Funding Trust 2005-074
Hartford Life Global Funding Trust 2005-075
Hartford Life Global Funding Trust 2005-077
Hartford Life Global Funding Trust 2005-078
Hartford Life Global Funding Trust 2005-080
Hartford Life Global Funding Trust 2005-082
Hartford Life Global Funding Trust 2005-083
Hartford Life Global Funding Trust 2005-085
Hartford Life Global Funding Trust 2005-087
Hartford Life Global Funding Trust 2005-088
Hartford Life Global Funding Trust 2005-090
Hartford Life Global Funding Trust 2005-091
Hartford Life Global Funding Trust 2005-093
Hartford Life Global Funding Trust 2005-094
Hartford Life Global Funding Trust 2005-095
Hartford Life Global Funding Trust 2005-098
Hartford Life Global Funding Trust 2005-100
Hartford Life Global Funding Trust 2005-101
Hartford Life Global Funding Trust 2005-102
Hartford Life Global Funding Trust 2005-103
Hartford Life Global Funding Trust 2005-104
Hartford Life Global Funding Trust 2005-107
Hartford Life Global Funding Trust 2005-111
Hartford Life Global Funding Trust 2005-112
Hartford Life Global Funding Trust 2005-119
Hartford Life Global Funding Trust 2005-122
Hartford Life Global Funding Trust 2005-125
Hartford Life Global Funding Trust 2005-128
Hartford Life Global Funding Trust 2005-137
Hartford Life Global Funding Trust 2005-143
Hartford Life Global Funding Trust 2005-144
Hartford Life Global Funding Trust 2005-146
Hartford Life Global Funding Trust 2005-147
Hartford Life Global Funding Trust 2005-155
Hartford Life Global Funding Trust 2006-003
Hartford Life Global Funding Trust 2006-004
Hartford Life Global Funding Trust 2006-006
Hartford Life Global Funding Trust 2006-007
Hartford Life Global Funding Trust 2006-009
Hartford Life Global Funding Trust 2006-010
Hartford Life Global Funding Trust 2006-016
Hartford Life Global Funding Trust 2006-017
Hartford Life Global Funding Trust 2006-033
Hartford Life Global Funding Trust 2006-043
Hartford Life Global Funding Trust 2006-049
Hartford Life Global Funding Trust 2006-059
Hartford Life Global Funding Trust 2006-060
Hartford Life Global Funding Trust 2006-061
Hartford Life Global Funding Trust 2006-063
Hartford Life Global Funding Trust 2006-064
Hartford Life Global Funding Trust 2006-065
Hartford Life Global Funding Trust 2006-066
Hartford Life Global Funding Trust 2006-067
Hartford Life Global Funding Trust 2006-069
Hartford Life Global Funding Trust 2006-070
Hartford Life Global Funding Trust 2006-073
Hartford Life Global Funding Trust 2006-078
Hartford Life Global Funding Trust 2006-080
Hartford Life Global Funding Trust 2006-081
Hartford Life Global Funding Trust 2006-083
Hartford Life Global Funding Trust 2006-085
Hartford Life Global Funding Trust 2006-090
Hartford Life Global Funding Trust 2006-092
Hartford Life Global Funding Trust 2007-001
Hartford Life Global Funding Trust 2007-002
Hartford Life Global Funding Trust 2007-003
Hartford Life Global Funding Trust 2007-004
Hartford Life Global Funding Trust 2007-005
Hartford Life Global Funding Trust 2008-001
Hartford Life Global Funding Trust 2008-002
Hartford Life Global Funding Trust 2008-003
Hartford Life Global Funding Trusts
Hartford Life Institutional Funding
Hartford Lloyd's Insurance Company
Hartford Underwriters Insurance Company
Nutmeg Insurance Company
Pacific Insurance Company, Limited
Property & Casualty Ins. Company of Hartford
Sentinel Insurance Company
Talcott Resolution Life & Annuity Ins. Co.
Talcott Resolution Life Insurance Company
Talcott Resolution Life, Inc.
Trumbull Insurance Company
Twin City Fire Insurance Company
Rating Action:

Moody's downgrades The Hartford's senior debt to Baa3; negative outlook

30 Mar 2009

$6.2 billion of securities affected.

New York, March 30, 2009 -- Moody's Investors Service lowered the credit ratings of The Hartford Financial Services Group, Inc. (The Hartford; NYSE: HIG) and its key operating subsidiaries and continued the negative outlook on the ratings because of expected continued weakness in earnings and reduced capitalization resulting from investment losses and substantial business exposure to variable annuities. Moreover, the risk of further investment losses and diminished earnings beyond our base case expectations is meaningful in view of unsettled markets and deteriorating economic conditions.

The Hartford's long-term senior debt rating was downgraded to Baa3 from Baa1 and the short-term debt rating to P-3 from P-2. In the same action, Moody's downgraded the insurance financial strength (IFS) ratings for the company's lead property and casualty (P&C) to A2 from A1 and life insurance operating subsidiaries to A3 from A1.

Life Insurance:

According to Moody's, the downgrade of the life insurance subsidiaries and the continued negative outlook reflect the entities' diminished stand-alone credit profile due to the potential for further losses from the investment portfolio and the variable annuity business in both the U.S. and Japan, as well as the risk of a deterioration in the company's market position in terms of new business and retention.

The life insurance subsidiaries hold material levels of structured securities relative to capital. "The expectation of higher investment losses for the life insurance subsidiaries is consistent with Moody's recent upward revision to cumulative expected loss rates on a variety of asset backed securities," said Moody's Vice President/ Senior Credit Officer Scott Robinson.

The life insurance subsidiaries also have material exposure to secondary guarantees emanating from their large variable annuity business, which has faced increasing pressure due to declines in equity markets. "If equity markets deteriorate even more, this could have a meaningful impact on capital -- both regulatory capital and economic capital - and profitability at The Hartford vis-à-vis other highly rated insurers," continued Mr. Robinson. In particular, Moody's remains concerned about the volatility of the life insurance subsidiaries' capitalization under various stress scenarios.

The IFS rating reflects the benefit of the capital raise from last October currently retained at the parent level, which is available to support NAIC Risk-Based Capital (RBC) levels at the life companies. The rating agency also noted that the companies' A3 IFS ratings benefit from implicit support of the property & casualty companies. However, the company has noted its intent to not materially decapitalize the property & casualty companies in support of the life operations.

Moody's noted that a further downgrade of the life companies could occur if (1) material additional investment losses were to occur over the next several quarters (e.g., - impairments in the life companies in excess of $1.5 billion pre-tax), and/or (2) the group fails to address regulatory capital stress associated with the variable annuity business and RBC levels fall below 275%. Conversely, the outlook for the life companies could return to stable if investment losses are moderate, organic capital generation reemerges, and the group addresses regulatory capital volatility.

P&C Insurance:

According to Moody's, the downgrade and negative outlook of the P&C insurance subsidiaries reflects the potential strain associated with its affiliation with and support for the life insurance operations. Moody's notes that the stand alone credit profile of the P&C operating companies is higher than the public rating, reflective of its strong business profile coupled with its solid core underwriting profitability and reserve adequacy.

"Moody's continues to believe a significant amount of support could be forthcoming from the P&C operations should additional capital be needed by the life operations," said Jeff Berg, Moody's Senior Vice President. "Further deterioration in the stand-alone credit profile of the life companies could therefore result in a further downgrade of the P&C operations," Berg added.

In addition, investment losses in the P&C operating subsidiaries in excess of $1 billion pre-tax, which would inhibit organic capital generation, could also result in a downgrade. The P&C subsidiaries do not have the same level of investment risk exposure as the life operations; however, the rating agency noted that in addition to structured securities, Hartford P&C has above average holdings relative to other P&C peers in corporate debt and preferred stock -- asset classes likely to see increased defaults during the current economic recession.

Moody's said the outlook for the P&C companies could return to stable if investment losses are moderate and dividends to the parent are less than $500 million for 2009, thus enabling the P&C companies to retain capital.

The Hartford (holding company):

The downgrade of The Hartford's holding company debt ratings was driven primarily by the credit deterioration of the life insurance subsidiaries, as well as a reduction in financial flexibility.

In addition, while Moody's positively noted The Hartford's 4Q08 capital raise, shareholder dividend reduction, meaningful liquid securities at the holding company, no debt maturities before June 2010, and considerable alternative liquidity (in terms of bank lines and contingent capital facilities), it also noted a continued deterioration in financial flexibility . The group's financial leverage and earnings and cash coverage are expected to deteriorate further and be constrained over the medium term due to potential realized losses and reduced earnings capacity at the operating units.

THE FOLLOWING RATINGS WERE DOWNGRADED AND THE OUTLOOK IS NEGATIVE:

Hartford Financial Services Group, Inc. -- senior long-term unsecured debt to Baa3 from Baa1; junior subordinated notes to Ba1 from Baa2: provisional senior unsecured debt shelf to (P)Baa3 from (P)Baa1; provisional subordinated debt shelf to (P)Ba1 from (P)Baa2; provisional preferred shelf to (P)Ba2 from (P)Baa3; short-term rating for commercial paper to Prime-3 from Prime-2

Hartford Capital III - preferred stock to Ba1 from Baa2;

Hartford Capital IV -- provisional preferred shelf to (P)Ba1 from (P)Baa2;

Hartford Capital V -- provisional preferred shelf to (P)Ba1 from (P)Baa2;

Hartford Capital VI -- provisional preferred shelf to (P)Ba1 from (P)Baa2;

Hartford Life, Inc. -- senior long-term unsecured debt to Baa3 from Baa1;

Glen Meadow Pass-Through Trust -- senior secured debt to Ba1 from Baa2;

Hartford Life & Accident Insurance Company -- insurance financial strength to A3 from A1;

Hartford Life Insurance Company -- insurance financial strength to A3 from A1; short-term insurance financial strength to Prime-2 from Prime-1; senior unsecured medium term note program to Baa1 from A2;

Hartford Life & Annuity Insurance Company -- insurance financial strength to A3 from A1;

Hartford Life Global Funding Trusts—senior secured funding agreement-backed notes to A3 from A1;

Hartford Life Institutional Funding -- senior secured funding agreement-backed notes to A3 from A1;

Hartford Fire Insurance Company -- insurance financial strength to A2 from A1;

Hartford Accident & Indemnity Co. -- insurance financial strength to A2 from A1;

Hartford Casualty Insurance Co. -- insurance financial strength to A2 from A1;

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

Hartford Insurance Company of Illinois -- insurance financial strength to A2 from A1;

Hartford Insurance Company of Midwest -- insurance financial strength to A2 from A1;

Hartford Insurance Company of Southeast -- insurance financial strength to A2 from A1;

Hartford Lloyd's Insurance Company -- insurance financial strength to A2 from A1;

Hartford Underwriters Insurance Company -- insurance financial strength to A2 from A1;

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

Pacific Insurance Company, Limited -- insurance financial strength to A2 from A1;

Property & Casualty Insurance Company of Hartford -- insurance financial strength to A2 from A1;

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

Twin City Fire Insurance Company -- insurance financial strength to A2 from A1.

The Hartford is an insurance and financial services organization that offers a wide variety of property and casualty as well as life and annuity insurance products through its insurance operating subsidiaries. For the year ended December 31, 2008, The Hartford reported revenues of $9.2 billion and a net loss of $2.7 billion. As of December 31, 2008, shareholders' equity was $9.3 billion.

The last rating action occurred on February 6, 2009 when Moody's downgraded the senior debt rating of The Hartford to Baa1 from A3.

The principal methodologies used in rating The Hartford are "Moody's Global Rating Methodology for Property and Casualty Insurers" and "Moody's Global Rating Methodology for Life Insurers", which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating The Hartford can also be found in the Credit Policy & Methodologies directory.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations.

Visit Moody's website at www.moodys/insurance.com for more information.

New York
Jeffrey S. Berg
Senior Vice President
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Scott Robinson
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades The Hartford's senior debt to Baa3; negative outlook
No Related Data.
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