Standard & Poor's yesterday released rating actions on five of the bond insurers, downgrading two and maintaining AAA ratings on the others, although with indications that they will continue to monitor the insurers' capital positions and subprime exposure closely.

The rating agency lowered Financial Guaranty Insurance Co. to A from AA, maintaining a credit watch with developing implications, while downgrading XL Capital Assurance Inc. to A-minus from AAA and keeping it on negative watch.

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