by Calculated Risk on 2/14/2008 03:15:00 PM

From Bloomberg: FGIC Insurance Credit Ratings Cut to A3 From Aaa By Moody's (hat tip John)

FGIC Corp.'s bond insurance units had their credit ratings cut six levels to A3 from Aaa by Moody's Investors Service.

``These rating actions reflect Moody's assessment of FGIC's meaningfully weakened capitalization and business profile resulting, in part, from its exposures to the U.S. residential mortgage market,'' Moody's said in a statement today.