New ratings blow for monoline FSA
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, and announced its exit from the structured finance business. That business involves writing protection of senior tranches of CDOs of ABS and direct ABS exposure through residential mortgage
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