A.M. Best Co. has assigned a debt rating of “bbb” to the $400 million 5.75% senior notes, due 2021 issued by XL Group Ltd. (Cayman Islands) and guaranteed by XL Group plc (Ireland) [NYSE: XL]. The assigned outlook is stable. The proceeds from the issuance will be used to partially repay existing senior notes issued by XL Capital Finance (Europe) plc (United Kingdom), maturing in January, 2012. XL Group Ltd.’s debt-to-adjusted capital ratio and rolling three-year fixed charge coverage remains comfortably within the range that is commensurate with the assigned rating. The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition , which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilized include: “A.M. Best’s Ratings & the Treatment of Debt.” Methodologies can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com. Copyright © 2011 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
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