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Wednesday, January 30, 2008

Fitch Cuts FGIC Rating

by Calculated Risk on 1/30/2008 04:18:00 PM

From Bloomberg: FGIC Loses AAA Rating at Fitch After Missing Deadline

Financial Guaranty, a unit of New York-based FGIC Corp., was cut two levels to AA, New York-based Fitch said today in a statement. ...

``This announcement is based on FGIC's not yet raising new capital, or having executed other risk mitigation measures, to meet Fitch's AAA capital guidelines within a timeframe consistent with Fitch's expectations,'' the ratings company said today.
FGIC is the fourth largest bond insurer.