S&P: XLIT outlook positive

Standard & Poor's said it revised to positive from stable the outlook on XLIT Ltd. and its operating subsidiaries.

At the same time, the agency affirmed its BBB+ long-term counterparty credit and senior unsecured debt ratings and its BBB- preferred stock ratings on XLIT Ltd.

In addition, the agency affirmed its A long-term counterparty credit and financial strength ratings on the company's core operating subsidiaries.

"The outlook revision reflects our view that management has successfully defended XL's franchise, which was under significant pressure following the financial market crisis in 2008," said S&P credit analyst Taoufik Gharib in a news release.

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