NEW YORK (Bloomberg) — Moody's Investors Service may lower Bermuda-based Security Capital Assurance Ltd.'s debt ratings and those of its operating subsidiaries after the bond insurer delayed filing its 10-K statement and said it may add a "going concern" paragraph to its 2007 financial results.

Moody's said in a statement that it may lower the provisional Baa3 rating on SCA's senior debt as well as the A3 insurance financial strength rating on SCA's XL Capital Assurance Inc., XL Capital Assurance Ltd. and XL Financial Assurance Ltd.

Moody's cut SCA's financial rating six levels to A3 from Aaa on February 7 because of losses related to sub-prime securities it protected. A going concern paragraph indicates there's doubt the Hamilton, Bermuda-based insurer can continue operating without "substantial disposition of assets outside the ordinary course of business," Moody's said in the statement.