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Fitch downgrades CIFG financial strength on claims resources

SAN FRANCISCO (MarketWatch) — Fitch Ratings downgraded the insurer financial strength ratings of CIFG Guaranty and its affiliates to A- from AA-. Fitch took CIFG off a negative rating watch, but the company’s outlook is still negative. While CIFG received a capital infusion of about $1.5 billion late last year, its claims paying resources fall below Fitch’s AA
capital target by $1.2 billion to $1.7 billion, the rating agency said. Parent company CIFG Holding is directly owned by French banks Banque Federale des Banques Populaires and Caisse Nationale des Caisses d’Epargne et Prevoyance.
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This entry was posted on Monday, March 31st, 2008 at 2:06 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Fitch downgrades CIFG financial strength on claims resources”

  1. Fitch downgrades CIFG financial strength on claims resources Says:
    March 31st, 2008 at 4:56 pm

    […] Forex Trading Platform wrote an interesting post today onHere’s a quick excerptFitch downgrades CIFG financial strength on claims resources March 31st, 2008 SAN FRANCISCO (MarketWatch) — Fitch Ratings downgraded the insurer financial strength ratings of CIFG Guaranty and its affiliates to A- from AA-. Fitch took CIFG off a negative rating watch, but the company’s outlook is still negative. While CIFG received a capital infusion of about $1.5 billion late last year, its claims paying resources fall below Fitch’s AA capital target by $1.2 billion to $1.7 billion, the r […]

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