Fitch Affirms Loews' IDR at 'A'; Outlook Stable

CHICAGO--(Business Wire)--
Fitch Ratings has affirmed Loews Corporation's (Loews) (NYSE: L) Issuer Default
Rating (IDR) and debt ratings as follows:

--Issuer Default Rating (IDR) at 'A';

--Senior unsecured notes at 'A'.

The Rating Outlook is Stable. Approximately $865 million of debt is affected by
this rating action.

The affirmation reflects Loews' historically stable credit profile and Loews'
robust balance sheet including significant cash balances and low debt levels at
the parent company level, combined with the continued payment of sizable
dividends by Loews subsidiaries. Fitch regards Loews' holding company structure
as a significant benefit to lenders, as it protects bondholders from operating
and legal risks at the subsidiary level while the large cash balances,
significant current and projected future dividends, and the ability to liquidate
holdings provide substantial protections and enable the company to comfortably
meet all interest and principal obligations.

Offsetting factors are the structurally subordinated position of Loews'
bondholders to the cash flows of the company's subsidiaries, the generally
weaker financial and operating performance of the company's operating
subsidiaries in the current macroeconomic environment and the potential for
'capital calls' to support existing subsidiaries (primarily CNA Financial
Corporation [NYSE: CNA] and Boardwalk Pipeline Partners, LP [NYSE: BWP]).

Loews maintains liquidity from cash and equivalents ($2.7 billion at March 31,
2009 at the parent company level); net investment income; intercompany
dividends; and the ability to sell investments and shares in publicly traded
subsidiaries (including CNA, Boardwalk and Diamond Offshore Drilling, Inc.
[NYSE: DO]). Loews' next debt maturity comes in 2011 with the maturity of its
$175 million, 8.9% debentures.

Fitch currently rates Loews' other operating subsidiaries as follows:

CNA

--IDR 'BBB';

--Senior unsecured debt 'BBB-';

The Rating Outlook is Negative.

Boardwalk Pipelines, LP

--IDR 'BBB';

--Senior unsecured debt 'BBB';

The Rating Outlook is Stable.

Texas Gas Transmission, LLC

--IDR 'BBB+';

--Senior unsecured debt 'BBB+';

The Rating Outlook is Stable.

Loews is a holding company with subsidiaries engaged in the following lines of
business: commercial property and casualty insurance (CNA, a 90% owned
subsidiary); natural gas and oil exploration and production (High Mount
Exploration & Production LLC, a wholly owned subsidiary); the operation of
interstate natural gas transmission pipeline systems (Boardwalk Pipeline, LP, a
74% owned subsidiary); the operation of offshore oil and gas drilling rigs
(Diamond Offshore, a 50.4% owned subsidiary); and the operation of hotels (Loews
Hotels Holding Corporation, a wholly owned subsidiary).

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, 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 Ratings, Chicago
Adam M. Miller, 312-368-3113
Mark C. Sadeghian, CFA, 312-368-2090
or
Media Relations:
Cindy Stoller, 212-908-0526, New York
Email: cindy.stoller@fitchratings.com

Copyright Business Wire 2009