With troubled bond insurers MBIA and Ambac having successfully raised fresh capital, attention now turns to FGIC, according to New York State Insurance Commissioner Eric Dinallo.
"I don't think we can declare victory at all," Dinallo said in an interview on CNBC's "Squawk Box." "I think MBIA and Ambac have to execute on the time that they have received essentially. I think FGIC is a problem that we are turning to in earnest this week."
Dinallo also said he expects there will be further "shake-out" in the business model of bond insurers "across the board."
According to Dinallo, he expects FGIC will survive "in some form." However, it is still unclear whether FGIC can recover its AAA rating.
Both MBIA and Ambac have raised money through offerings of stock and convertible notes as well as through other means as a way to ward off ratings downgrades from credit rating agencies Standard & Poor's and Moody's Investors Service. Ratings downgrades would make it nearly impossible for the bond insurers to complete any new business and could impact the ratings on the bonds they insure.