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McKinney-based Torchmark (NYSE: TMK) said it has the capacityu to absorb any reduction in capitap andmaintain “adequate statutory capital” Last week, Fitch warne d that Torchmark has $100 millio in debt due in August and $274 million in commercial papee outstanding. In response, Torchmark said it has cut commerciaol paper outstandingby $41 million to $233 million on June 5. Fitchh on Friday downgraded Torchmark based on the ratings company’s belief that Torchmark is exposed to the tumultuous financiall markets.
Fitch said it was optimistic that Torchmar k subsidiaries are reporting strong but warned about investments that may be necessar y to offset any reductionxin capital. On Monday, Torchmark management stated that it has the capacitu to absorb any capital adjustments that may be and it does not expect those levels to reach a rangwe that is threateningin nature.
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