The Insurer Financial Strength rating of CUNA Mutual Insurance Society and its wholly owned property casualty subsidiary CUMIS Insurance Society, Inc. has been downgraded from AA- to A by Fitch Ratings.
The rating outlook was also downgraded from stable to negative.
The downgrades were a result of Fitch's concern over CUNA Mutual's above-average exposure to residential mortgage backed securities and asset backed securities. Both areas have experienced significant credit deterioration in 2008 and year-to-date 2009.
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