Fitch Ratings cut their ratings on Hartford Financial Services Group to two steps above junk status.
Analysts are concerned about Hartford's decision to pause or cancel annuity sales in Japan, Germany and the U.K.
Hartford has also begun implementing major changes to its U.S. based variable annuity business.
Hartford is one of the life and annuity insurers that has been particularly hard hit by the capital market risk and volatility that has been rampant during the financial crisis.
Source: Wall Street Journal (subscription required)
