Fitch affirms XL Capital

Fitch Ratings said it affirmed the A+ issuer default ratings and A senior note ratings of XL Capital Ltd. and its subsidiaries and XL's A- preference ordinary shares.

The outlook is stable.

The agency said XL's ratings reflect its strong competitive position with worldwide capability in commercial insurance and reinsurance, recent improvements in operating results, reasonable financial leverage, solid capitalization of its reinsurance subsidiaries and conservative investment portfolio.

Offsetting these positives is XL's earnings volatility and weak operating performance in recent years, which Fitch attributed primarily to catastrophe losses, losses from the events of Sept. 11, 2001 and adverse prior-year loss reserve development.

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