Fitch said it plans to consult with guarantee insurers before making any broad changes in its model that fell under criticism from one of the carriers it rated.

In a special report titled “Fitch Discusses Financial Guaranty Capital Model and Ratings Methodology,” the New York-based rating service laid out its system for rating guarantee insurers and the logic behind the actions.

Fitch said it developed its system after determining that the risk for United States municipal bond exposures is overstated and the risk of many structured finance bonds is understated.

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