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XL Capital Ltd. announced a proposed issue of $325 million senior notes today, and Standard & Poor’s Ratings Services assigned them its “A-minus” senior debt rating.

The Bermuda-based insurer said proceeds from the notes’ sale and available cash would be used to retire $825 million in 2.53 percent senior notes due in 2009 that form part of the 6.5 percent equity security units that settle on May 15, 2007.

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