CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed Manulife Financial Corporation (MFC) and its primary insurance related operating subsidiaries' ratings, including The Manufacturers Life Insurance Company (MLI) and John Hancock Life Insurance Company (U.S.A.) (JHUSA). At the same time, Fitch downgraded the ratings on MFC's non-cumulative perpetual preferred stock to 'BBB-' from 'BBB' and upgraded the ratings on The Manufacturers Life Insurance Company's subordinated debt to 'A' from 'A-'. A
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