Standard & Poor’s Rating Service took ratings action against six bond insurers affected by the subprime mortgage crisis, and Moody’s announced that it placed subsidiaries of XL Insurance on review for possible downgrade.

Yesterday, S&P said it took the actions because of “worsening expectation for the performance of insurance nonprime residential mortgage-backed securities and CDOs (collateralized debt obligation) of asset-backed securities.”

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

Already have an account?



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including, and
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.