FGIC Corp., parent of bond insurer Financial Guaranty Insurance Co., reported Friday that it lost $33.4 million for the first quarter, caused by a spike in its loss reserves to cover its book of collateralized debt obligations.

The loss compares to earnings of $68.5 million a year ago for the quarter that ended March 31. At that time, the bond insurer was rated triple-A by all three major rating agencies. Today, it is rated Baa3 by Moody’s Investors Service, BB by Standard & Poor’s, and BBB by Fitch Ratings.

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