Financial Guaranty Insurance Company (FGIC) is a monoline bond insurer established in 1983. It faced significant financial difficulties in 2008 which affected its ability to write new business.[1] The firm was acquired in December 2003 by a consortium of investors including PMI Group, The Blackstone Group, The Cypress Group and CIVC Partners.[2][3]
As of March 24, 2009 it was rated "CC" by Standard & Poor's (S&P) and "Caa3" by Moody's Investors Service. Fitch Ratings had already withdrawn its rating, while Moody's announced it would remove its rating. The ratings are negative from both Moody's and Standard & Poor's[4]
On November 24, 2009 it was released that the New York Insurance Department ordered FGIC to suspend payment on all claims due.
References
- ^ http://www.thedeal.com/dealscape/2008/05/fgic_still_searching_for_a_lifeline.php
- ^ Bond Insurer Ponders Its Options. New York Times, April 15, 2008
- ^ A Split-Up of Insurers of Bonds Is Considered. New York Times, A Split-Up of Insurers of Bonds Is Considered
- ^ http://www.fgic.com/aboutfgic/
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