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Fitch Affirms & Withdraws United Services Automobile Association's Ratings
May 30, 2014 / 3:42 PM / 3 years ago

Fitch Affirms & Withdraws United Services Automobile Association's Ratings

(The following statement was released by the rating agency) CHICAGO, May 30 (Fitch) Fitch Ratings has affirmed and withdrawn the Insurer Financial Strength (IFS) ratings of United Services Automobile Association (USAA) and its insurance subsidiaries at 'AAA'. Additionally, Fitch has affirmed and withdrawn the Issuer Default Rating (IDR) of USAA Capital Corporation (USAA CapCo) at 'AAA' and its senior unsecured notes at 'AA+'. Fitch has decided to discontinue the ratings, which are uncompensated. The affirmation reflects USAA's strong competitive position in a stable niche market (military and ex-military personnel and their families), exceptionally strong capitalization, solid liquidity and continued disciplined underwriting. Offsetting factors include significant catastrophe risk and the lower credit profile of USAA's rapidly growing banking operation. Fitch has affirmed and withdrawn the following ratings with a Stable Outlook: USAA Capital Corp. --IDR at 'AAA'; --Short-term IDR and commercial paper at 'F1+'; --3.5% $200 million medium-term notes due July 17, 2014 at 'AA+'; --1.05% $250 million senior unsecured notes due Sept. 30, 2014 at 'AA+'; --2.288% $250 million senior unsecured notes due Dec. 13, 2016 at 'AA+'; --2.125% $350 million senior unsecured notes due June 3, 2019 at 'AA+'. Primary insurance companies: United Services Automobile Association USAA Casualty Insurance Company USAA General Indemnity Company USAA County Mutual Insurance Company USAA Texas Lloyds Co. USAA Life Insurance Company --IFS at 'AAA'. Contact: Primary Analyst Dafina M. Dunmore, CFA Director +1-312-368-3136 Fitch Ratings, Inc. 70 W. Madison Street Chicago, IL 60602 Secondary Analyst Chris A. Grimes, CFA Associate Director +1-312-368-3263 Committee Chairperson Mark E. Rouck, CPA, CFA Senior Director +1-312-368-2085 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available at 'www.fitchratings.com'. Applicable Criteria & Related Research: --'Insurance Rating Methodology' (November 2013). Applicable Criteria and Related Research: Insurance Rating Methodology here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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