Fitch Affirms Phoenix Companies' Ratings; Maintains Positive Outlook on Holding Company
June 26, 2012
SUMMARY:
PNX's debt servicing capabilities improved substantially in 2011, and GAAP coverage continued to strengthen in the first quarter of 2012. GAAP EBIT coverage was 3.1 x and 2.5 times as of March 31, 2012 and Dec. 31, 2011 respectively compared to about 0.6 x in 2010. Statutory interest coverage is 3.6 x in 2012 based on maximum dividend capacity of $72 million in...
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