Moody's affirms AXIS

Moody's Investors Service said it affirmed the Baa1 senior debt rating of AXIS Capital Holdings Ltd. The outlook is stable.

The action follows the company's release of fourth quarter 2009 results, which included a loss provision on a $399 million credit insurance policy related to Blue City Investments, according to the agency.

According to Moody's, the Baa1 senior unsecured debt rating on AXIS Capital is based on the credit support provided by its various insurance operating subsidiaries and good borrowing capacity and financial flexibility due to comparatively moderate financial leverage.

These credit strengths are tempered by exposure to catastrophic losses, exposure to inflation-sensitive liabilities and broad appetite for risk, the agency said.

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