Items Tagged with 'Security Capital Assurance Ltd.'

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  • Security Capital Cut to Junk by Fitch

    Beleaguered bond insurer Security Capital Assurance Ltd saw Fitch drop a core credit rating to junk status on Wednesday afternoon, a move that may further push the monoline's future into doubt. Fitch cut SCA's long-term issuer rating to 'B-' from 'BBB,' while also further downgrading the insurer financial strength ratings of SCA's primary insurance subsidiaries to 'BB' from a prior rating of 'A.'
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  • Security Capital Reduces Workforce

    Monoline bond insuer Security Capital Assurance Ltd said Wednesday that it will reduce its workforce by approximately 60 positions, as it continues to reposition itself amid a loss of its top credit ratings. The reductions, not surprisingly, are focused largely on the insurance business origination staff and are intended to reduce long term operating costs and align resources with current needs, the company said in a press statement.
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