Security Capital Assurance Ltd Acknowledges Moody's Rating Actions
20 Junho 2008 - 6:21PM
PR Newswire (US)
HAMILTON, Bermuda, June 20 /PRNewswire-FirstCall/ -- Security
Capital Assurance Ltd (NYSE:SCA) ("SCA" or the "Company") today
confirmed Moody's Investor Services ("Moody's") downgraded the
insurance financial strength ("IFS") ratings of SCA's subsidiaries,
XL Capital Assurance Inc. ("XLCA") and XL Financial Assurance Ltd
("XLFA"), as well as XLCA subsidiary, XL Capital Assurance (U.K)
Limited. The following rating actions were taken by Moody's today
on SCA operating companies: XL Capital Assurance Inc. -- IFS from
A3 to B2, outlook is negative; XL Capital Assurance (U.K.) Limited
-- IFS from A3 to B2, outlook is negative; and XL Financial
Assurance Ltd -- IFS from A3 to B2, outlook is negative. About
Security Capital Assurance Security Capital Assurance Ltd is a
Bermuda-domiciled holding company whose common shares are listed on
the New York Stock Exchange (NYSE:SCA). For more information please
visit http://www.scafg.com/ . Contact: Investors Frank
Constantinople +1 441-279-7450 Media Michael Gormley +1
441-279-7450 Cindy Leggett-Flynn or Michele Loguidice +1
212-333-3810 or FORWARD-LOOKING STATEMENTS This release contains
statements about future results, plans and events that may
constitute "forward-looking" statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. You are cautioned that these statements are not
guarantees of future results, plans or events and such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond the Company's control.
These factors include, but are not limited to: recent and future
rating agency statements and ratings actions; the outcome of the
Company's dispute with Merrill Lynch International ("MLI")
concerning the Company's termination of seven credit default swap
("CDS") contracts; the Company's ability to successfully implement
its strategic plan; higher risk of loss in connection with
obligations guaranteed by the Company due to recent deterioration
in the credit markets stemming from the poor performance of
subprime residential mortgage loans; the suspension of writing
substantially all new business and the Company's ability to
continue to operate its business in its historic form; the
development and implementation of a strategic plan; developments in
the world's financial and capital markets that adversely affect the
performance of the Company's investments and its access to such
markets; the performance of invested assets, losses on credit
derivatives or changes in the fair value of credit derivatives; the
availability of capital and liquidity; the timing of claims
payments and the receipt of reinsurance recoverables; greater
frequency or severity of claims and loss activity including in
excess of the Company's loss reserves; changes in the Company's
reinsurance agreements with certain of its subsidiaries; the impact
of provisions in business arrangements and agreements triggered by
the ratings downgrades; the impact of other triggers in business
arrangements including CDS contracts; changes in regulation, tax
laws, legislation or accounting policies or practices; changes in
officers; general economic conditions; changes in the availability,
cost or quality of reinsurance or retrocessions; possible downgrade
of the Company's reinsurers; possible default by the counterparties
to the Company's reinsurance arrangements; the Company's ability to
compete; changes that may occur in Company operations and ownership
as the Company matures; and other additional factors, risks or
uncertainties described in Company filings with the SEC, including
in the Company's Annual Report on Form 10-K for the fiscal year
ended December 31, 2007, and also disclosed from time to time in
subsequent reports on Form 10-Q and Form 8-K. Readers are cautioned
not to place undue reliance on forward-looking statements which
speak only as of the date they are made. The Company does not
undertake to update forward- looking statements to reflect the
impact of circumstances or events that arise after the date the
forward-looking statements are made. DATASOURCE: Security Capital
Assurance Ltd CONTACT: Investors, Frank Constantinople,
+1-441-279-7450, , or Media, Michael Gormley, +1-441-279-7450, ,
both of Security Capital Assurance; or Cindy Leggett-Flynn, , or
Michele Loguidice, , both of The Brunswick Group, +1-212-333-3810
Web site: http://www.scafg.com/
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