Fitch downgrades SCA and subsidiaries to below investment grade
Fitch Ratings has downgraded the insurer financial strength (IFS) ratings of Security Capital Assurance Ltd. (SCA) and its financial guarantee insurance subsidiaries, XL Capital Assurance (XLCA), XL Capital Assurance UK (XLCA-UK) and XL Financial Assurance (XLFA) to 'BB' from 'A'.
The agency also downgraded SCA's long-term issuer rating to 'B-' from 'BBB'
Fitch said the downgrade also reflects what it views as "the material erosion in SCA's franchise value and competitive
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