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Tracking the Bond Insurer Crisis: A Timetable
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Troubles in the $2.4 trillion bond insurance industry have been the focal point of a widening credit crisis as expected losses in mortgage-backed debt put the insurers' ratings at risk.
Traditionally focused on insuring municipal deals, bond insurers got into trouble after they ventured into structured products to boost returns.
Massive delinquencies on U.S. subprime mortgages battered the credit quality of these products, increasing the capital that bond insurers need to maintain their crucial "AAA" ratings.
As bond insurers' ratings are downgraded, so are ratings on much of the debt they insure, forcing some investors who can only own top-rated securities to sell. The loss of a top "AAA" rating also undercuts the value of bond insurance, making it difficult for the companies to win business.
Following is a chronology of recent ratings actions on bond insurers and ratings still under review for possible downgrades:
MBIA's [MBI
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] MBIA Insurance Corp
Feb. 26 - Moody's removes Aaa rating from review for downgrade, assigns negative outlook
Feb. 25 - S&P removes AAA rating from review for downgrade, assigns negative outlook
Feb. 5 - Fitch puts AAA rating on review for downgrade
Jan. 31 - S&P puts AAA rating on review for downgrade
Jan. 17 - Moody's puts Aaa rating on review for downgrade
Jan. 16 - Fitch affirms AAA rating with stable outlook
Dec. 19 - S&P changes outlook on AAA rating to negative from stable
Dec. 14 - Moody's affirms Aaa rating, changes outlook to negative from stable
Ambac Financial Group's [ABK
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] Ambac Assurance Corp
Feb. 25 - S&P affirms, leaves on review for downgrade
Jan. 18 - Fitch cuts AAA rating to AA
Jan. 18 - S&P puts AAA rating on review for downgrade
Jan. 16 - Moody's puts Aaa rating on review for downgrade
Dec. 14 - Moody's affirms Aaa rating with stable outlookThe Latest on Ambac:
Dexia's [DXBGF
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] Financial Security Assurance (FSA)
Jan. 24 - Fitch affirms AAA rating with stable outlook
Dec. 19 - S&P affirms AAA rating with stable outlook
Dec. 14 - Moody's affirms Aaa rating with stable outlook
FGIC's Financial Guaranty Insurance
Feb. 25 - S&P cuts AA rating to A, on review with developing implications
Feb. 14 - Moody's cuts AAA to A3
Jan. 31 - S&P cuts AAA rating to AA
Jan. 30 - Fitch cuts AAA rating to AA
Dec. 19 - S&P puts AAA rating on review for downgrade
Dec. 17 - Fitch puts AAA rating on review for downgrade
Dec. 14 - Moody's puts Aaa rating on review for downgrade
Assured Guaranty's [AGO
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] Assured Corp
Dec. 19 - S&P affirms AAA rating with stable outlook
Dec. 14 - Moody's affirms Aaa rating with stable outlook
Dec. 12 - Fitch affirms AAA rating with stable outlook
Security Capital Assurance's [SCA
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] XL Capital Assurance
Mar. 5 - Moody's puts A3 rating on review for downgrade
Feb 25 - S&P cuts AAA rating six notches to A-minus, remains on review for downgrade
Feb. 7 - Moody's cuts AAA rating six notches to A3
Jan. 31 - S&P puts AAA rating on review for downgrade
Jan. 24 - Fitch cuts to A from AAA
Dec. 19 - S&P changes outlook on AAA rating to negative from stable
Dec. 14 - Moody's puts Aaa rating on review for downgrade
Radian Group's [RDN
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] Radian Asset Assurance
Dec. 19 - S&P affirms AA rating with stable outlook
Dec. 14 - Moody's affirms Aa3 rating with stable outlook
Sept. 5 - Fitch downgrades to A-plus from AA
Banque Populaire and Caisse d'Epargne's CIFG Guaranty
Feb. 25 - S&P affirms, retains negative outlook
Feb. 22 - Moody's puts Aaa rating on review for downgrade
Feb. 5 - Fitch puts AAA rating on review for downgrade
Dec. 19 - S&P affirms AAA rating with negative outlook
Dec. 14 - Moody's affirms Aaa rating, changes outlook to negative from stable
Nov. 22 - Fitch affirms AAA rating with stable outlook
ACA Capital Holdings' [ACA
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] ACA Financial Guaranty Corp
Dec. 19 - S&P cuts to CCC from A
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Data is a real-time snapshot *Data is delayed at least 15 minutes
