Fitch has downgraded the Insurer Financial Strength (IFS) ratings of bond insurer CIFG Guaranty and its affiliates by 11 notches, from 'A-' to 'CCC,' due a greater risk of the company falling below regulatory minimum capital requirements.
Fitch said it based its assessment in part on conversations with CIFG's management. The rating agency said CIFG indicated that it may be at greater risk of falling below minimum capital requirements.
The downgrade is based, in part, on recent conversations with CIFG's management, in which the company has indicated it could be at greater risk of falling below regulatory minimum capital requirements “if the company's loss provisions increase in future periods, which could trigger an insolvency proceeding by regulators.”
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