Ratings agency Moody's has lowered several ratings of XL Capital, following its announcement that its fourth quarter results for 2003 had been hit by a reserving charge.
Moody's said it downgraded XL's senior unsecured debt rating from A1 to A2, and also lowered the insurance financial strength ratings of members of the XL Reinsurance America intercompany pool and XL Re from Aa2 to Aa3.
It said the ratings actions would not affect the ratings and outlooks for other AL Capital subsidiaries.
The outlook for all rated members of the XL Group are now stable, said the ratings agency.
