Excess capital for most financial guaranty insurance companies' declined during most of last year, Fitch ratings said.

The New York-based firm released results of its study of companies through its capital model, Matrix, for the period ending Sept. 30, 2006.

Thomas J. Abruzzo, managing director, Fitch Ratings, said the “notable exceptions” to this trend include Financial Security Assurance Inc. (FSA) and MBIA Insurance Corp. (MBIA).

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