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Article: Fitch Downgrades CIFG's IFS to 'CCC'; Placed on Rating Watch Evolving.
- Article from:
- Business Wire
- Article date:
- May 30, 2008
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NEW YORK -- Fitch Ratings has downgraded the following Insurer Financial Strength (IFS) ratings of CIFG Guaranty (CIFG) and its affiliates to 'CCC' from 'A-':
CIFG Guaranty
CIFG Assurance North America, Inc.
CIFG Europe
--IFS to 'CCC' from 'A-'.
Fitch has also placed the ratings on Rating Watch Evolving.
The downgrade is based, in part, on recent conversations with CIFG's management, in which the company has indicated it could be at greater risk of falling below regulatory minimum capital requirements, if the company's loss provisions increase in future periods which could trigger an insolvency proceeding by ...