Monolines edge closer to the brink
Moody’s has downgraded several monoline insurers as increased expected losses on subprime exposure have erased the capital relief achieved through restructurings. Syncora has been downgraded from B2 to Caa1 and CIFG from Ba2 to B3 while FGIC’s B1 rating is on review for downgrade. What hope for the beleaguered monolines — and how much does it matter to anymore to the wider capital markets? Read EuroWeek on Friday.
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