Standard & Poor's Ratings Services has lowered the financial strength and counterparty credit ratings on XL Capital Ltd.'s core operating companies, citing the Bermuda insurer's diminished underwriting performance and competitive position.
The rating agency lowered XL's financial strength to "A" from "A-plus," and the counterparty credit rating to "triple-B-plus" from "A-minus." The outlook for the companies is negative.
Standard & Poor's analyst Steven Ader said "perceived franchise issues stemming from a string of material earnings and capital charges over the past several years" have led to the diminished competitive position and underwriting performance.
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