Insurance

FGIC Downgraded Six Notches by Moody’s; Latest Guarantor Bitten by Mortgage Exposure 

Bond guarantor Financial Guaranty Insurance Company saw its insurance financial strength rating dropped from Aaa to A3, Moody’s Investor’s Service said late Thursday. The downgrade comes on the heels of a similar downgrade to monoline XL Capital Insurance on February 8, which also saw Moody’s cut its ratings to A3.