The negative outlook reflects the challenges faced by Nationwide Mutual?s management to rebuild surplus and increase risk-adjusted capitalization following the significant weather-related and investment losses of 2008 and the early 2009 privatization of Nationwide Financial Services Inc. Both companies are domiciled in Columbus, OH.
The debt ratings of ?a? with a negative outlook on Nationwide Mutual?s existing $1.5 billion in surplus notes are unchanged. Inclusive of this latest issuance, an aggregate of $2.2 billion in surplus notes is outstanding on Nationwide Mutual.
For Best?s Credit Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at http://www.ambest.com/ratings/methodology.

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