Fitch Places 114,811 FGIC-Insured Issues on Rating Watch Negative

NEW YORK--(BUSINESS WIRE)--Concurrent with its related rating announcement earlier today on FGIC Corporation (FGIC) and subsidiaries, Fitch Ratings has placed 114,811 municipal bond issues insured by FGIC on Rating Watch Negative.

Fitch placed FGIC's 'AAA' insurer financial strength (IFS) and 'AA' long-term debt on Rating Watch Negative following the rating agency's updated assessment into FGIC's current exposure to SF CDOs backed by subprime mortgage collateral and one CDO-squared deal, as well as FGIC's exposure to RMBS.

A detailed list of the affected municipal bond issues is available on the Fitch Ratings web site at www.fitchratings.com in the 'U.S. Public Finance' sector page under 'Special Reports'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.