TEXT-Fitch puts Phoenix Companies ratings on watch negative

Tue Dec 11, 2012 10:31am EST

Dec 11 - Fitch Ratings has placed the 'B' holding company Issuer Default
Rating (IDR) of Phoenix Companies, Inc.'s (PNX) and the 'BB+' Insurer
Financial Strength (IFS) ratings of PNX's primary insurance operating
subsidiaries on Rating Watch Negative following the company's recent
announcement that it seeks to amend the indenture of its $253 million of senior
debt.

PNX is seeking to extend the deadline for providing the third quarter 2012
financial statement to the trustee. Absent this extension, acceleration of the
debt maturity could be triggered. The filing delay is due to restatements of
certain financial data. The restatements are not expected to be material to the
company's credit profile. Fitch will monitor the company's progress on amending
the indenture.

Fitch has placed the following ratings on Rating Watch Negative:

Phoenix Companies, Inc.
--IDR 'B'.

Phoenix Life Insurance Company
--IFS 'BB+';
--IDR 'BB';
--$174 million Surplus note 7.15% due Dec. 2034 'B+'.

PHL Variable Insurance Company
--IFS 'BB+'.

Contact:

Primary Analyst
Cynthia J. Crosson
Director
+1-212-908-0863
Fitch, Inc.
One State Street Plaza
New York, New York 10004

Secondary Analyst
Julie A. Burke, CPA, CFA
Managing Director
+1-312-368-3158

Committee Chairperson
James B. Auden, CFA
Managing Director
+1-312-368-3146

Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email:
brian.bertsch@fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The ratings above
were unsolicited and have been provided by Fitch as a service to investors.

Applicable Criteria and Related Research:
--'Insurance Rating Methodology' (Oct. 18, 2012).

Applicable Criteria and Related Research:
Insurance Rating Methodology - Amended

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