Unum 2013 Annual Report Download - page 81
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UNUM 2013 ANNUAL REPORT / 79
On January 30, 2013 and again on December 8, 2013, AM Best affirmed its A rating of Unum Group’s primary domestic insurance
subsidiaries and affirmed the bbb issuer credit rating for Unum Group. AM Best’s outlook for all ratings is “stable.” On February 11, 2013 and
again on September 30, 2013, Fitch affirmed its A rating of Unum Group’s domestic insurance subsidiaries and affirmed the senior debt
rating of Unum Group at BBB. Fitch’s rating outlook for all ratings is “stable.” On June 24, 2013, S&P affirmed its A rating of Unum Group’s
primary domestic insurance subsidiaries and affirmed the BBB counterparty credit rating for Unum Group. S&P’s and Moody’s outlooks
for all ratings are “stable.”
There have been no other changes in any of the rating agencies’ outlook statements or ratings during 2013 or during 2014 prior to the
date of this filing.
Agency ratings are not directed toward the holders of our securities and are not recommendations to buy, sell, or hold our securities.
Each rating is subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be regarded as an
independent assessment, not conditional on any other rating. Given the dynamic nature of the ratings process, changes by these or other
rating agencies may or may not occur in the near-term. Based on our ongoing dialogue with the rating agencies concerning our improved
insurance risk profile, our financial flexibility, our operating performance, and the quality of our investment portfolio, we do not expect any
negative actions from any of the four rating agencies related to either Unum Group’s current issuer credit ratings or the financial strength
ratings of its insurance subsidiaries. However, in the event that we are unable to meet the rating agency specific guideline values to
maintain our current ratings, including but not limited to maintenance of our capital management metrics at the threshold values stated
and maintenance of our financial flexibility and operational consistency, we could be placed on a negative credit watch, with a potential
for a downgrade to both our issuer credit ratings and our financial strength ratings.
See “Ratings” contained in Item 1 and “Risk Factors” contained in Item 1A of our Annual Report on Form 10-K for the fiscal year ended
December 31, 2013, for further discussion.