Fitch Ratings has moved to reassess the credit ratings on thousands of municipal bonds insured by Financial Guaranty Insurance Corp (FGIC) and XL Capital Assurance Inc. (XLCA), both based in New York City, as a result of the rating agency's decision to downgrade the credit risk of the parent firms.
XL Capital Assurance is a wholly-owned subsidiary of Security Capital Assurance Ltd.
The new ratings predominately reflect the credit quality of the underlying municipality that issued the bonds.
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