Moody’s has downgraded the Nationwide Mutual Insurance Company (NMIC) and its property & casualty affiliates, Nationwide P&C, insurance financial strength rating to A2 from A1, and downgraded NMIC’s surplus notes rating to Baa1 (hyb) from A3 (hyb).
The rating agency has also affirmed the insurance financial strength ratings of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company at A1 and the senior unsecured debt rating of Nationwide Financial Services (NFS) at Baa1.
The rating outlook for Nationwide P&C and NFS is stable, Moody’s added.
