S&P Downgrades FGIC Corp. To CCC With Negative Outlook

September 2008
Bond Buyer;9/26/2008, Vol. 365 Issue 32970, p23
Trade Publication
The article reports on the lowered counterparty credit ratiing and senior unsecured notes of FGIC Corp. to CCC with a negative outlook from B. The company ensures that it has enough cash to fund its obligations for 2009. This could be attributed to its financial stresses and fragile capital position. Its deal to reinsure MBIA Inc.'s $184 billion public finance portfolio has been questioned. It is predicted that its insurer financial strength could fall if the deal is not completed.


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