Moody’s downgrades Security Capital Assurance debt ratings

By Wallace Witkowski
Last update: 3:45 p.m. EDT March 17, 2008

SAN FRANCISCO (MarketWatch) — Moody’s Investors Service downgraded the debt ratings of Security Capital Assurance Ltd.

SCA after the bond insurer said it would not declare a semi-annual dividend payment on preferred shares. Moody’s downgraded SCA’s provisional senior debt rating to (P)Ba1 from (P)Baa3, its provisional subordinated debt rating to (P)Ba2 from (P)Ba1, and its preference shares rating to B3 from Ba2. A rating from Moody’s below Baa is junk status. The rating agency said the ratings remain on review for a further possible downgrade.

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