The financial guarantor industry is still holding on after nearly a year of downgrades, write-downs, litigation and stagnant new issuance. While some have stopped writing new business altogether, others are taking advantage of the challenging economic environment.

Financial Security Assurance (FSA), one of two guarantors to retain its triple-A rating through the market turmoil, has in fact wrapped issuance on the structured finance side, though these deals are few and far between.

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