Standard & Poor's Friday downgraded its financial strength rating on CIFG Assurance NA to B from A-minus, citing "delays" in the company's restructuring plan and "slow progress" in the insurer's attempts to settle with the counterparties on its structured finance exposures.

Standard & Poor's also moved the rating to CreditWatch developing from CreditWatch negative. The rating revision also applied to CIFG Guaranty and CIFG Europe.

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