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 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:
--$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
Insurance Rating Methodology (pub. 14 Jul 2015)