A.M. Best, Fitch ratings in on CUNA Mutual
MADISON, Wis. - The A.M. Best and Fitch ratings on CUNA Mutual are in and both list the company's outlook as "Stable". While A.M. Best has reaffirmed CUNA Mutual's A (Excellent) rating, Fitch Ratings has reclassified the CUNA Mutual Group to AA- (Very Strong), from AA (Very Strong). CUNA Mutual's reclassification to "AA-'' by Fitch resulted from the ratings agency's new rating standards. Fitch announced in August that its rating-system change would result in one-third of the life insurance companies it rates in North America being reclassified. Fitch assigned the "AA-'' rating to the principal companies of the CUNA Mutual Group, including CUNA Mutual Insurance Society (CUMIS), CUNA Mutual Life Insurance Co. (CMLIC), and CUMIS Insurance Society, the group's principal property and casualty insurer. "CUNA Mutual is very highly rated by two independent rating agencies. While we are disappointed with the outcome of Fitch's change in rating standards, they still recognized our strong position in the credit union market, asset quality, and sophisticated asset-liability management practices as strengths," said CUNA Mutual Spokesperson Syd Lindner. The "AA-'' rating is the fourth highest of the 24 ratings Fitch assigns. An "A" rating is the third highest of the 15 ratings A.M. Best assigns.