Based on its expectation that Financial Guaranty Insurance Corp. (FGIC) will experience further credit deterioration on its book of business backed by residential mortgage-backed securities, Fitch Ratings this morning dropped its insurer financial strength rating on the company to 'CCC' from 'BBB'. The rating was also placed on evolving watch.

Fitch dropped its rating on the parent company, FGIC Corp. to CCC-minus from BB and placed the rating on negative watch.

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