Fitch rates XL at A+, A

International rating agency Fitch Ratings has affirmed XL Capital's (XL) long-term issuer and senior debt rating and preferred stock rating at A+ and A, respectively, the agency said in a statement. Fitch has also affirmed the AA insurer financial strength rating of XL's property/casualty insurance subsidiaries, led by XL Insurance and XL Re. The rating outlook is stable. According to Fitch, the ratings continue to reflect XL's position within the global insurance and reinsurance markets, history of favorable underwriting and earnings performance, strong interest coverage and operating cash flow, and adequate capital position at the parent and subsidiary level. XL Capital is Bermuda based but also operates in 30 countries worldwide selling insurance, reinsurance and financial products to companies. As of June 30 it had consolidated net assets of US$39.2bn. The group's reinsurer XL Re Latin America had US$101mn in premium income this year to date, above its initial full-year forecast of US$90mn and 31% more than the US$77.5mn reported last year.