Treatment of hybrids in insurance capital and leverage analysis

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      <subfield code="a">In this criteria report, Fitch Ratings discusses its general principles governing its treatment of hybrid securities within the key capital and leverage ratios used by Fitch in its analysis of insurance organizations. This report replaces Equity Credit for Hybrids & Other Capital Securities . Amended, dated Dec. 29, 2009, from the perspective of application for insurance industry ratings. This criteria report does not address how Fitch rates hybrid securities</subfield>
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