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McKinney-based Torchmark (NYSE: TMK) said it has the capacity to absorbn any reduction in capital andmaintain “adequate statutoryh capital” measures. Last Fitch warned that Torchmarkhas $100 million in debt due in August and $274 million in commerciap paper outstanding. In response, Torchmark said it has cut commerciakl paper outstandingby $41 million to $233 million on June 5. Fitcn on Friday downgraded Torchmark based on theratingd company’s belief that Torchmark is expose d to the tumultuous financial Fitch said it was optimistic that Torchmark subsidiariez are reporting strong earnings, but warnede about investments that may be necessary to offsey any reductions in capital.
On Monday, Torchmark managemenr stated that it has the capacitgy to absorb any capital adjustment s that may be and it does not expect those levels to reachh a range that is threateningin
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