Moody's and Fitch assign ratings to XL Capital offering

Both Moody’s and Fitch Ratings have assigned ratings to XL Capital’s proposed $750m issue of equity security units.

Moody’s said it had an A2 senior debt rating to the proposed issue, reflecting the company’s market position. The outlook for the rating is stable.

Fitch assigned an A rating to the proposed issue, corresponding with XL’s existing senior debt rating.

Following the completion of the offering, Fitch said it expected to remove XL’s senior debt rating and the insurer financial strength rating of XL’s property/casualty subsidiaries from a negative rating watch, and assign a stable rating outlook.

The proceeds of XL Capital’s equity security unit issue will be held for general corporate purposes.