XLCA and XLFA downgraded three notches to BBB-
Ratings agency Standard & Poor's (S&P) has lowered its financial strength ratings on XL Capital Assurance (XLCA) and XL Financial Assurance Ltd. (XLFA) to 'BBB-' from 'A-'. S&P said the ratings remain on credit watch with negative implications
S&P said the downgrade reflects its current assessment of potential losses on the companies' 2005-2007 vintage RMBS exposure, direct and indirect, which is higher than previous estimates.
The agency
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