Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Ambac Financial Group, Inc. > News item |
S&P: XL, Financial Guaranty lowered
Standard & Poor's said it took rating actions on several monoline bond insurers following additional stress tests with respect to their domestic nonprime mortgage exposure.
The agency said that the financial strength ratings on XL Capital Assurance Inc. and XL Financial Assurance Ltd. were lowered to A- from AAA and remain on CreditWatch with negative implications.
S&P noted that the financial strength rating on Financial Guaranty Insurance Co. was lowered to A from AA and remains on CreditWatch with developing implications,
The AAA financial strength rating on MBIA Insurance Corp. was removed from CreditWatch and a negative outlook was assigned, S&P said, adding that the AAA financial strength rating on Ambac Assurance Corp. was affirmed and remains on CreditWatch with negative implications.
S&P said that the AAA financial strength ratings on CIFG Guaranty, CIFG Europe and CIFG Assurance North America Inc. were affirmed and retain a negative outlook.
The agency noted that the downgrades on XL Capital, XL Financial Assurance, XL Capital Assurance (UK) Ltd. and Twin Reefs Pass-Through Trust reflect its assessment that the company's evolving capital plan has meaningful execution and timing risk.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.