Fitch Ratings said yesterday that based on its subprime mortgage holdings, it was putting the ratings of Security Capital Assurance Ltd. on rating watch negative with its subsidiaries
XL Capital hold 46.1 percent of SCA .
Bear, Stearns & Company Inc. said the Fitch finding that SCA needs to come up with $2 billion in additional capital means difficult choices for XL management and not much upside for investors.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.