Fitch Revises Ratings on XLIT Ltd. Preference Shares

CHICAGO--()--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

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Contacts

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
alyssa.castelli@fitchratings.com

Contacts

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
alyssa.castelli@fitchratings.com