NU Online News Service, Oct. 4, 12:45 p.m. – Standard & Poor's, New York, has lowered its counterparty credit and senior debt ratings on Conseco Inc., Carmel, Ind., to 'B+' from 'BB-'.
At the same time, S&P lowered its counterparty credit and financial strength ratings on Conseco's insurance subsidiaries to 'BBB-' from 'BBB' and affirmed its 'B' commercial paper rating on Conseco Inc.
The actions follow Conseco's Oct. 2 announcement of $475 million in post-tax charges from write-downs on its interest only securities and realized losses in its bond portfolio, among other charges.
S&P notes that Conseco has made significant progress in its debt-restructuring plan of more than $2 billion of debt but also says that it now believes Conseco's recovery will take longer than expected.
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