S&P raises Hanover Insurance rating to ‘BBB-’ from ‘BB+’

SAN FRANCISCO (MarketWatch) — Standard & Poor’s Ratings Services on Friday raised Hanover Insurance Group’s counterparty credit rating by one notch to BBB- from BB+. The rating is now investment grade. “The rating actions reflect the company’s good competitive position and the successful execution of management’s strategy to refocus the company on its property/casualty business. They were also based on its improved operating performance, strong capital position, and very strong financial flexibility,” said John Iten, a credit analyst at S&P. The outlook on Hanover Insurance Group is stable.
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