SCA firms downgraded again, outlook still negative
Ratings agency Moody's has downgraded the insurance financial strength ratings of financial guarantee (re)insurers XL Capital Assurance (XLCA), XL Capital Assurance (UK) and XL Financial Assurance (XLFA) to B2, from A3. The outlook is negative.
Moody’s said that SCA has recorded approximately $750m in cumulative losses arising from its mortgage-related exposures and at 1Q2008, XLCA had $167 m of statutory surplus, which is approximately
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