Fitch: Security Capital’s AAA Rating May Be Cut
From Bloomberg: Security Capital’s AAA Rating May Be Cut by Fitch (hat tip Brian)
Security Capital Assurance Ltd. may lose its AAA credit rating at Fitch Ratings …
The company’s capital is at least $2 billion below what it needs to retain the AAA, Fitch said. SCA has four to six weeks to come up with “firm capital commitments” to meet the guidelines, or the rating will fall two levels to AA, Fitch said. …Security Capital is among seven AAA rated bond insurers that have been probed by Moody’s Investors Service, Standard & Poor’s and Fitch Ratings for the past month after declines in the credit quality of the securities they guarantee.
