CIFG downgraded
–14 March 2008
Fitch Ratings has downgraded CIFG to 'AA-' from 'AAA' and kept the ratings on rating watch negative. The downgrade affects the insurer financial strength (IFS) ratings for CIFG Guaranty and affiliates - CIFG Guaranty; CIFG Assurance North America, Inc.; CIFG Europe.
Fitch has indicated that “all obligations insured by CIFG may be affected by this action. Fitch's policy is to downgrade insured transactions to the higher of the underlying rating of the insured transaction if rated by Fitch or the rating of the insurer.” Fitch also indicated it had taken the action on CIFG Guaranty and its affiliates based on its view that CIFG's shareholders may be less willing to provide further capital support to CIFG in the future than in the past.
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