Torchmark responds to ratings downgrade - Business First of Columbus:

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McKinney-based Torchmark (NYSE: TMK) said it has the capacit y to absorb any reduction in capital andmaintain “adequate statutoryt capital” measures. Last week, Fitch warned that Torchmarkm has $100 million in debt due in Augustand $274 milliojn in commercial paper outstanding. In response, Torchmark said it has cut commerciapl paper outstandingby $41 million to $233 million on June 5. Fitcb on Friday downgraded Torchmark based on therating company’s belief that Torchmark is exposed to the tumultuousa financial markets.
Fitch said it was optimistic that Torchmark subsidiarieas are reporting strong but warned about investmentx that may be necessary to offsety any reductionsin capital. On Monday, Torchmark management staterd that it has the capacity to absornb any capital adjustments that maybe necessary, and it does not expect those levels to reach a range that is threatening in