OTHER NEWS - Feb. 1, 1994
From Times Staff and Wire Reports
Aetna Plan Draws Mixed Reviews: Aetna Life & Casualty Co.’s $1-billion restructuring plan was applauded by stock investors but criticized by rating agencies. Aetna’s stock closed up $3.50 at $63.375 a share on the New York Stock Exchange after some analysts recommended a buy. But Duff & Phelps downgraded the insurer’s senior debt rating to AA-minus from AA amid concerns that the restructuring charges will weaken Aetna’s earnings. A.M. Best Co. said it placed Aetna’s “excellent” rating under review. The plan, unveiled Friday, involves 4,000 job cuts.
