A.M. Best Co. and Fitch Ratings both announced today that they had downgraded the financial strength ratings of Bermuda-based XL Capital Ltd. and its insurance and reinsurance subsidiaries.
The rating actions by the two firms followed XL Capital's announcement yesterday of $1.5 billion to $1.7 billion fourth quarter 2007 charges for credit related investments, including the company's exposure to the operations of Bermuda-based Security Capital Assurance
Best said it was changing the financial strength rating to A (Excellent) from A plus (Superior) and the issuer credit ratings to "a" from "aa minus" of XL Capital Group and its members.
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