Moody's Investor Service has affirmed the A1 insurance financial strength ratings for Liberty Mutual Insurance.
In the same action, Moody's changed the outlook on all ratings, except the commercial paper rating, to negative from stable.
The change in outlook reflects concerns surrounding the company's asbestos exposures, and the risk that leverage could continue to escalate if premium growth outpaces capital generation.
The rating agency also added that the current financial market environment heightens the risk that Liberty's investment strategy could continue to produce unrealised losses.
