S&P affirms XL Capital

Standard & Poor's said it affirmed the BBB+ counterparty credit rating on XL Capital Ltd.

The outlook remains negative.

The affirmation follows XL's announcement of a $1.4 billion fourth-quarter 2009 loss, according to the agency.

Ratings are based on the group's strong global market presence, strong underlying underwriting performance and diversified earnings stream, the agency said.

Offsetting these strengths is a track record of inconsistent earnings performance, weakened financial flexibility and susceptibility to further declines in the investment portfolio, S&P said.

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