As if the monoline insurers don't have enough on their minds, they're now facing downgrade reviews from Moody's Investors Service on a slew of structured notes originated by top-tier Kazakh banks Bank TuranAlem (BTA) and Kazkommertsbank (KKB). The deals have underlying ratings at the investment grade cusp of Baa3,' making a potential cut especially painful.

Among the monolines with exposure are FGIC, Ambac and MBIA. One chunk of paper is also wrapped by a triple-A multilateral, the Asian Development Bank. And this doesn't include wraps provided by these and other insurers in the secondary and private markets for DPR transactions from BTA and KKB.

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