by Calculated Risk on 3/12/2008 08:47:00 PM

From the WSJ: S&P Cuts CIFG Credit Ratings

S&P lowered its ratings four notches to A+ on CIFG Guaranty, CIFG Europe and CIFG Assurance North America Inc. Less than a month ago, S&P had affirmed CIFG's AAA rating with a negative outlook, meaning a downgrade was possible.

The agency said the company's "scaled-back underwriting activity, turnover of senior staff and recent other rating downgrades ... will impinge on CIFG's ability to carry out its business plans and broaden its market acceptance."

And from MarketWatch: Moody's, S&P confirm Ambac's AAA ratings

Moody's affirmed Ambac Assurance Corp.'s Aaa rating, while S&P took Ambac Assurance's AAA off CreditWatch Negative.

Still, Fitch stuck with its AA rating and Moody's noted that it has a negative outlook on Ambac's bond insurance units.