More ratings pain for monoline FSA despite cash boost
Financial Security Assurance, the New York-based monoline insurance company that is part of the Dexia Group, has seen its AAA rating put on negative outlook by Standard & Poor's.
The monoline announced its financial results on August 6, revealing a net loss of $330.5 million for the second quarter this year. At the same time, it announced that it is to wind up its remaining structured finance business. That business involves writing protection of senior tranches of CDOs of ABS and direct ABS
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