XL Capital Ltd. may be hit with a downgrade after Moody's Investors Service announced it is reviewing the company's financial strength and debt rating.
The New York-based rating service said it placed the Hamilton, Bermuda-based insurer's "A-1″ financial strength ratings on its insurance subsidiaries and the "Baa1″ senior debt rating on XL Capital Ltd. under review after it's recent preliminary third-quarter results announcement that included net loss estimates of $1.6 billion to $1.7 billion.
Despite raising substantial new capital in August, Moody's said the money has been eroded on an accounting basis by unrealized and realized losses on the company's investment portfolio.
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