CIFG Comments on Moodys Rating Action

May 20, 2008, 1:30 p.m. EDT 1 Min Read

CIFG Holding, the holding company for CIFGs financial guaranty subsidiaries, responded to today's negative rating action by Moodys Investors Services on the its credit ratings.

While we are very disappointed by this action, we continue to work aggressively to protect our policyholders, said John Pizzarelli, chief executive officer of CIFG. We are currently in negotiations to develop strategic alternatives for problematic credits with the goal of CIFG emerging with a clean balance sheet and significantly improved capital position.

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