Fitch affirms Alterra

Fitch Ratings said it affirmed Alterra Capital Holdings Ltd.'s A- issuer default rating.

Alterra Finance LLC's issuer default rating was affirmed at A-, along with the rating on its $350 million 6.25% senior notes due Sept. 30, 2020 at BBB+.

Alterra USA Holdings Ltd.'s issuer default rating was affirmed at A-, along with its $90.6 million 7.2% notes due April 14, 2017 at BBB+.

The insurer financial strength ratings of Alterra Bermuda Ltd., Alterra Reinsurance Europe Ltd., Alterra Insurance Europe Ltd., Alterra Reinsurance USA Inc., Alterra Excess & Surplus Insurance Co. and Alterra America Insurance Co. also were affirmed.

The outlook is stable.

The affirmation follows the completion of a routine review, Fitch said.

The ratings continue to reflect the company's improved profile, including solid capitalization and earnings, reasonable financial leverage and reduced investment risk, Fitch said.

The ratings also consider the effect of reduced underwriting opportunities tied to competitive conditions in many of the company's core business lines, the agency said.

Overall profitability improved in 2010 and 2009 as catastrophe activity subsided following sizable, but manageable catastrophe losses and alternative investment losses suffered in 2008, Fitch said.

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