Standard & Poor's Ratings Services has increased its scrutiny of mortgage insurer Financial Guaranty Insurance Company, placing its "double-B" financial strength rating on CreditWatch with negative implications.
The FGIC rating previously had a negative outlook. S&P said Friday that it has placed all other FGIC ratings, as well as those of parent company FGIC Corp., on CreditWatch with negative implications.
Back in March S&P put the FGIC "A" rating and the FGIC Corp. holding company "triple-B" rating on CreditWatch with negative implications. S&P said then it did not like FGIC's announced plan to split into two firms, with one keeping its less palatable risks.
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