Fitch Revises Ratings on XLIT Ltd. Preference Shares
CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has revised the ratings on XLIT Ltd.'s (XL, a Cayman Islands subsidiary of XL Group plc) preference shares to 'BBB-' from 'BBB'. A full list of affected ratings follows below. No other ratings were affected by today's action.
KEY RATING DRIVERS
The rationale for the ratings revision reflects a revised view on the part of Fitch of the appropriate regulatory environment to be considered for the notching of XL's hybrid securities under recently updated notching criteria. This revision effectively reverses rating actions taken on Aug. 27, 2015 that initially implemented the updated notching criteria. No other criteria elements were reviewed.
RATING SENSITIVITIES
Rating Sensitivities are not applicable to this review given its limited focus on implementation of updated notching criteria. For additional information, see Fitch's most recently published press releases or research reports on XL, available at www.fitchratings.com.
Fitch has revised the following ratings:
XLIT Ltd.
--$345 million series D preference ordinary shares to 'BBB-' from 'BBB';
--$999.5 million series E preference ordinary shares to 'BBB-' from 'BBB'.
Additional information is available on www.fitchratings.com
Applicable Criteria
Insurance Rating Methodology (pub. 14 Jul 2015)
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868367
Additional Disclosures
Solicitation Status
https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=990389
Endorsement Policy
https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150904005446/en/
Fitch Ratings
Primary Analyst
Brian C. Schneider, CPA, CPCU,
ARe
Senior Director
+1-312-606-2321
Fitch Ratings, Inc.
70
W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
James
B. Auden, CFA
Managing Director
+1-312-368-3146
or
Committee
Chairperson
Keith M. Buckley, CFA
Managing Director
+1-312-368-3211
or
Media
Relations
Alyssa Castelli, +1 212-908-0540
[email protected]
Source: Fitch Ratings
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