XL bond insurers go negative as S&P sours on sector
As part of a negative move regarding the ratings of six bond insurers, ratings agency Standard & Poors (S&P) has placed the ratings of former XL subsidiaries, XL Capital Assurance Inc., XL Financial Assurance Ltd and XL Capital Assurance (UK) Ltd’s financial strength, financial enhancement and issuer credit ratings on watch negative from their current stable AAA level.
S&P said the rating actions were prompted by worsening expectations for the performance of insured nonprime residential mortgage backed securities and CDOs of asset-backed securities.
The agency added
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