Monoline bond insurer CIFG Guaranty was downloaded to A1 from AAA by Moody’s last week. This is a devastating blow to the company that insures $95 billion in bonds. $1.5 billion could not help CIFG keep its AAA and still resulted in a four notch downgrade.
The International Swaps and Derivatives Assoc. (ISDA) said Thursday that it intends to begin gathering and posting a list of all of the obligations that monoline insurers have. The list would be posted online and offer additional transparency for those seeking to do business with, invest in, and/or calculate the risk of specific monoline insurance companies and/or the monoline insurance industry as a whole.
Check out the Prince’s monoline round-up for today. It’s been a pretty quiet day for the monolines as the snow attacks the northeast and the weekend approaches…
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