Liberty Mutual Rating Lowered by S&P

Standard & Poor's Ratings Services said yesterday that it lowered its counterparty credit and financial strength ratings on Boston-based Liberty Mutual Insurance Co. (Liberty Mutual) and related entities to 'A' from 'A+' and removed them from CreditWatch, where they were placed on April 4, 2003. In addition, the rating on Liberty Mutual's surplus notes was lowered to 'BBB+' from 'A-' and the 'A-1' commercial paper rating was affirmed. The outlook is negative. "The ratings actions reflect a significant deterioration in the company's capital position in the past two yea...