UPDATE: Fitch Upgrades Loews IDR to A+; Outlook Stable

Fitch Ratings has upgraded Loews Corporation's (NYSE: L) Issuer Default Rating IDR and debt ratings as follows:

--Issuer Default Rating IDR to 'A+' from 'A';

--Senior unsecured notes to 'A+' from 'A'.

Fitch has also revised Loews' Rating Outlook to Stable from Positive. Approximately $700 million of debt is affected by this rating action.

The upgrade reflects both the improved credit profiles at Loews and its operating subsidiaries since the height of the credit crisis. Key among these improvements include increased cash balances at the parent company, continued strong cash receipts in the form of dividends from Loews' operating subsidiaries, and the reduced probability of cash injections into the company's operating subsidiaries.