More Insurer Negative Outlooks

Crisis is still far from over, MBIA needs $2.9bn for potential termination payments. Moody's rating agency downgraded MBIA from Aaa to A2 on late thursday. But MBIA said it has $15bn asset and liability that is available to satisfy these requirements.

Moody also downgraded FGIC Financial Corps and its main subsidiaries from Baa3 to B1 and cut FGIC's senior debt rating from B3 to Caa2 on late Friday. XL Capital and Financial Assurance was also cut their rating by Moody from A3 to B2. Security Capital Assurance was downgraded from B3 to Ca.

Standard & Poor was reviewing GMAC for potential downgrade on the same day.

-The Material above is Summarized from Marketwatch-