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Moody’s affirms XL on acquisition news
Moody’s Investors Service said it affirmed the Baa2 debt- and Ba1 preferred-stock ratings on XLIT Ltd., a wholly-owned subsidiary of XL Group plc following news that XL will acquire Catlin Group Ltd.
The outlook for the ratings is stable.
XL has agreed to acquire Catlin for £6.93 per Catlin common share, or about $4.1 billion, Moody’s said.
The agency said that it believes the transaction is incrementally negative on XL’s overall credit profile.
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