Shares of Hartford Financial Services Group (HIG: sentiment, chart, options) have skyrocketed more than 50% so far today, placing HIG at the top of the New York Stock Exchange's biggest gainers list. Driving today's rally is a mix of news, kicked off by a ratings downgrade by Fitch. The ratings-services firm lowered the issuer-default rating to A from A+ and the insurer-financial-strength ratings of Hartford's primary life and property/casualty insurance subsidiaries to AA- from AA. According to a statement, Fitch issued the downgrades to reflect a "more detailed review of HFSG's exposure to the current volatile credit and investment market conditions," which are hurting the company's asset portfolio, earnings, and capital needs in its variable-annuity business. Fitch also placed HIG on "outlook negative."

Meanwhile, Moody's Investors Service downgraded HIG's senior unsecured debt rating to A3 from A2 and its short-term debt rating to Prime-2 from Prime-1. The rating outlook is stable. Moody's also affirmed the Aa3 insurance financial strength ratings for the company's lead property and casualty and life insurance operating companies.

In response, Hartford CEO Ramani Ayer said that the company was "financially strong and well capitalized.

Despite kicking in the afterburners today, HIG is still off more than 88% on a year-to-date basis. The stock has also met with short-term resistance in the 16 region, an area that held as support for the shares on October 10 and October 28. Furthermore, the equity's 10-day moving average is quickly descending into the area. HIG has not closed a day above both its 10-day and 20-day trendlines since September 19.