Zero insurers upgraded in 2009 by Fitch

Fitch Ratings downgraded 74 companies in the insurance sector — 39.2% of sector ratings — in 2009.Conversely, zero companies were upgraded, Fitch Ratings Global Corporate Finance 2008 Transition and Default Study reports. “The global recession, severe in breadth and depth, affected nearly every corner of the credit markets in 2009,” the study reported. “No sector or region was left unscathed ? credit erosion was widespread.”