Fitch Ratings Monday downgraded bond insurer Financial Security Assurance (FSA) to 'AA'-plus from 'AAA'. The ratings remain on rating watch negative.

Fitch said the downgrade “primarily reflects Fitch’s view of the residual risks retained by FSA following the transfer of its financial products business to Dexia.” Assured plans to acquire FSA parent Financial Security Assurance Holdings from Dexia, excluding the financial products business.

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