XL Capital Placed On CreditWatch Negative By S&P

On Oct. 17, 2003, Standard & Poor's Ratings Services placed its 'A+' counterparty credit, 'A+' senior unsecured debt, and 'A-' preferred stock ratings on XL Capital Ltd. and other core holding companies and its 'AA' counterparty credit and financial strength ratings on the members of XL America Pool on CreditWatch with negative implications. These rating actions follow XL Capital's announcement of further reserve strengthening at XL Reinsurance America Inc. (formerly known as NAC Reinsurance Corp.) of $214 million in the first three quarters of 2003 (including $184 million in the third qu...