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Fitch added that McKinney-based Torchmark’s (NYSE: TMK) “adjuste statutory capital levels are weaker thanother ‘AA’ insurer financiaol strength rating level In addition, Fitch said Friday the company’s portfoliol has high levels of exposure and rated bonds, which are potentially facinh another downgrade in the future. In termas of overall financial strength, Fitch says as of March 31, Torchmark had $100 millionj in debt due this Augustand $274 million in commercia l paper outstanding.
Fitch did note that Torchmark’s subsidiarie s have strong earnings, but said Fitch’s belief that investmenty impairments may exceed the earnings needed to maintainb adequate capital in the futures is part of therating firm’s concerns.
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