S&P Downgrades Harleysville to 'BBB', Stable

Standard & Poor's Ratings Services said yesterday that it lowered its counterparty credit and senior debt rating on Harleysville Group Inc. (HGI) to 'BBB' from 'BBB+'. The outlook is stable. Concurrently, Standard & Poor's assigned its preliminary 'BBB' senior debt, 'BBB-' subordinate debt, and 'BB+' preferred stock ratings to HGI's $200 million universal shelf registration filed April 10, 2003. "The ratings action reflects the higher than expected first quarter losses and the historically volatile underwriting performance of the company's insurance subsidiaries," said Standard & Poor's ...