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Moody's Investors Service has downgraded the insurance financial strength rating of Mortgage Guaranty Insurance Corporation (MGIC), citing material deterioration in the insurer's regulatory capital position, large current and projected claims payments, and modest new business production.

The insurance financial strength of "B1" of FGIC's subsidiaries, including Financial Guaranty Insurance Company and FGIC UK Ltd., was placed under review because Moody's said it expects additional str

Guaranty insurers Ambac Financial Group and MBIA Inc. criticized Moody's announcement that it placed the companies on review for possible downgrade, one calling the announcement driven by marketplace

o The risks presented by the direct insurance of subprime RMBS transactions should be contained because the credit enhancement levels (that is, the cumulative losses assumed by third parties before