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Article: Fitch: No Immediate Action on CIFG Commutation Announcement.
- Article from:
- Business Wire
- Article date:
- September 3, 2008
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NEW YORK -- If CIFG Holding, Ltd (CIFG) is successful in executing various commutations as part of a non-binding Memorandum of Understanding (MOU) (as announced yesterday), this would be a meaningfully positive development for the company's credit profile, according to Fitch Ratings. However, given the significant execution risk of these transactions, Fitch believes no rating action is appropriate at this time.
Fitch currently rates the financial guaranty insurance subsidiaries of CIFG Holdings as follows:
CIFG Guaranty
CIFG Assurance North America, Inc.
CIFG Europe
--IFS 'CCC';
--Rating Watch Evolving.