DALLAS - Insurance meant to buoy ratings for debt issued to finance military housing projects has instead become a drag after Moody's Investors Service placed $417 million of taxable revenue bonds on watch for possible downgrade.

The bonds, with debt service reserves funded by a policy from CIFG Assurance NA, financed construction of the Aurora Military Housing project at Elmendorf Air Force Base in Alaska and the Ohana Military Communities for the U.S. Navy in Hawaii.

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