Down, down, down: more monoline downgrades
S&P downgraded FGIC from A to BB on Friday, while Moody’s downgraded it from A3 to Baa3 on Monday. Fitch downgraded CIFG from AA- to A- on Monday. CIFG has asked Fitch to stop rating it, as Fitch rates a smaller proportion of CIFG’s insured portfolio. EuroWeek this week asks if going into run-off mode is the only option left to these troubled monolines.
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