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MassMutual's financial-strength rating cutNovember 2, 2009 12:04 PM ETTim McLaughlin Massachusetts Mutual Life Insurance Co.’s insurance financial strength ratings were downgraded to “Aa2” from “Aa1” by Moody’s Investors Service, which said substantial investment losses played a factor. The outlook on MassMutual and its affiliates is now stable, the agency said. MassMutual has been hurt by investments in mortgage-backed securities. Moody’s said MassMutual has maintained a relatively higher risk appetite compared with peer companies, investing in higher-risk alternative investments and businesses that have been adversely impacted by the economic downturn. As of June 30, Springfield, Mass.-based MassMutual had $125 billion in statutory assets and $9.6 billion in total adjusted capital. Copyright 2009 bizjournals.com
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