Fitch Withdraws Stoneheath Re's Ratings

CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has withdrawn the 'BBB+' Issuer Default Rating (IDR) of Stoneheath Re and the 'BB+' rating of Stoneheath Re's preferred securities. The Rating Outlook was Stable prior to the withdrawal.

The ratings are withdrawn due to the reorganization of the rated entity. Stoneheath Re is being wound up, with the holders of the non-cumulative perpetual preferred securities issued by Stoneheath Re in December 2006 receiving on Nov. 16, 2011 one XLIT Ltd. (formerly XL Group Ltd.) series D preference ordinary share (rated 'BB+' by Fitch), which were issued on Oct. 15, 2011, in exchange for each Stoneheath Re security.

Fitch has withdrawn the following Stoneheath Reratings:

--IDR at 'BBB+';--$350 million non-cumulative perpetual preferred at 'BB+'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:--'Insurance Rating Methodology' (Sept. 22, 2011);--'Rating Hybrid Securities' (July 28, 2011).

Applicable Criteria and Related Research:Rating Hybrid Securitieshttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647091Insurance Rating Methodologyhttp://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=651018

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch, Inc.70 W. Madison StreetChicago, IL 60602Primary AnalystBrian C. Schneider, CPA, CPCU, ARe, +1-312-606-2321Senior DirectororSecondary AnalystJames B. Auden, CFA, +1-312-368-3146Managing DirectororCommittee ChairpersonJulie A. Burke, CPA, CFA, +1-312-368-3158Managing DirectororMedia RelationsBrian Bertsch, +1-212-908-0549[email protected]

Source: Fitch Ratings