US ratings agency Fitch has affirmed the A plus senior debt rating of Bermuda- based XL Capital Ltd (XL) and removed the rating from Rating Watch Negative.

Fitch said it made the move after XL's recently announced issuance of 9.2 million shares of common stock at $89 per share that will raise net proceeds of approximately $788 million.

Fitch also said the rating outlook for the Bermuda insurance giant is stable.

XL was previously placed on Rating Watch to reflect Fitch's concerns that losses from the events of September 11 might ultimately prove to be higher than expectations for the current rating category.

XL reported pretax insured losses from the events of September 11 of $1.8 billion gross and $750 million net of reinsurance.