Insurer’s Rating Downgraded: Moody’s Investors Service said...
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From Times Staff and Wire Reports
Insurer’s Rating Downgraded: Moody’s Investors Service said it lowered the insurance claims-paying rating of Executive Life Insurance Co., a unit of First Executive Corp. of Los Angeles, to Baa2 from A1. The rating was placed under review last November, following turmoil in the junk bond market. Moody’s said the action reflects Executive Life’s cancellation of a planned sale of its New York subsidiary and expected charges of up to $515 million for losses in its junk bond portfolio.
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