CIFG Holding, the holding company for CIFG’s financial guaranty subsidiaries, responded to today's negative rating action by Moody’s Investors Service’s 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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