INSURANCE

Senior Debt Rating Downgraded: Moody’s Investors Service Inc. said in New York that the reclassification for Aetna Life & Casualty Co. to Single-A1 from Double-A3 was part of its continuing review of the life insurance industry’s real estate exposure. About $1 billion of long-term debt is affected, Moody’s said. The firm also lowered the financial strength ratings of Aetna’s principal subsidiaries. Moody’s said, however, that Aetna maintains important market positions within its life and property-casualty operations and that good earnings capacity from its core businesses should continue to temper the effect of emerging losses from its mortgage portfolio.