Fitch: Syncora on positive watch

Fitch Ratings said it revised the rating watch of Syncora Holdings Ltd. (formerly Security Capital Assurance Ltd.) and its financial guaranty subsidiaries to positive from evolving.

Fitch said that affected ratings include the insurer financial strength of CCC of Syncora Guarantee Inc. (formerly XL Capital Assurance Inc.), Syncora Guarantee (U.K.) Ltd. (formerly XL Capital Assurance (U.K.) Ltd.) and Syncora Guarantee Re Ltd. (formerly XL Financial Assurance Ltd.).

The agency noted that other affected ratings include Syncora Holding Ltd.'s long term issuer CCC- and $250 million fixed/floating series A perpetual non-cumulative preference shares CCC- as well as Twin Reefs Pass-Through Trust's $200 million pass-through trust securities at CCC-.

Fitch said that Syncora announced on Aug. 5 that it had finalized a transaction with Merrill Lynch & Co. and Merrill Lynch International, under which the parties terminated eight structured finance collateralized debt obligations transactions executed as credit default swaps.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.