Is it all over for CIFG after junking by Moody’s?
Moody’s has downgraded CIFG to Ba2, making it the third monoline which was originally rated triple-A to be downgraded below investment grade. Moody’s believes that, unless action is taken, CIFG is likely to fall below regulatory capital requirements due to increases in modelled loss reserves for ABS CDOs. CIFG is rated A+ on CreditWatch negative by Standard & Poor’s, and A- by Fitch. Read EuroWeek this week to see if it is all over for the monoline.
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