Fitch Ratings updated the rating watch on Syncora Holdings Ltd. and subsidiaries Syncora Guarantee Inc. and Syncora Guarantee Re Ltd. to positive from evolving following last week's announcement that the companies had closed deals with former parent XL Capital Ltd. and Merrill Lynch & Co.

Fitch said the revision reflects the "positive implications" of Syncora's improved financial and capital positions as a result of the deals. Fitch had downgraded Syncora Guarantee and Syncora Guarantee Re - formerly XL Capital Assurance Inc. and XL Financial Assurance Ltd., respectively - to CCC from BB July 29 because of uncertainty about the execution of the agreements.

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